Guideline Value for MAGAZINEPURAM 4TH STREET

Magazinepuram 4th Street guideline value

The current guideline value of Magazinepuram 4th Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class V Type - I.

How the guideline value of Magazinepuram 4th Street has changed

Over the years, the guideline value for Magazinepuram 4th Street has seen significant changes. The 2003 revision recorded a value of Rs 369 per sq.ft, which increased to Rs 500 per sq.ft in 2007. Following that, the value surged to Rs 1,500 per sq.ft in 2012, before dropping to Rs 1,005 per sq.ft in 2017. The most recent revisions show an increase to Rs 1,500 per sq.ft in 2023, and now it stands at Rs 1,600 per sq.ft as of the 2024 revision. Notably, the register has no figure for this street in 2002.

The changes between these revisions reflect a varied trend. From 2003 to 2007, the value increased by 36%, while from 2007 to 2012, it saw a remarkable 200% rise. However, it then decreased by 33% from 2012 to 2017. The value rebounded with a 49% increase from 2017 to 2023, and finally, there was a 7% increase from 2023 to 2024, resulting in an overall increase of 334% from 2003 to 2024.

Guideline values in Perambur

In Perambur village, there are 1,114 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value of these streets is Rs 2,700 per sq.ft, placing Magazinepuram 4th Street's 2024 figure below that median.

• Magazinepuram 3rd Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 5th Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 2nd Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 6th Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 1st Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram All Streets: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Magazinepuram 4th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Magazinepuram 4th Street?

The Sub Registrar Office that covers Magazinepuram 4th Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Perambur

The guideline value is a crucial factor in the registration process when buying or selling property in Perambur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees, which are necessary for the legal transfer of ownership. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Magazinepuram 4th Street?

The current guideline value of Magazinepuram 4th Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 369 per sq.ft in 2003 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 334% over this period.

What is the classification of land in Magazinepuram 4th Street?

Magazinepuram 4th Street is classified as Residential Class V Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Magazinepuram 4th Street?

The Sub Registrar Office for Magazinepuram 4th Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Magazinepuram 4th Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at a rate of 7%.