Guideline Value for MAGAZINEPURAM 5TH STREET

Magazinepuram 5th Street guideline value

The current guideline value of Magazinepuram 5th Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class V Type - I.

How the guideline value of Magazinepuram 5th Street has changed

The guideline value for Magazinepuram 5th Street has undergone several revisions over the years. In 2003, the value was Rs 369 per sq.ft, which increased to Rs 500 per sq.ft in 2007. The 2012 revision saw the value rise to Rs 1,500 per sq.ft, but it then decreased to Rs 1,005 per sq.ft in 2017. Following this, the value significantly increased to Rs 1,500 per sq.ft in 2023, culminating in the current value of Rs 1,600 per sq.ft in 2024.

Between the revisions, notable changes include a 36% increase from 2003 to 2007, a 200% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, and a substantial 49% increase from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 7% increase. The register has no figure for this street in 2002.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. Magazinepuram 5th Street's 2024 figure is below this median.

• Magazinepuram 4th Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 6th Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 3rd Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram All Streets: Rs 1,600 per sq.ft (2024)
• Magazinepuram 2nd Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 1st Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Magazinepuram 5th 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 duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Magazinepuram 5th Street?

The Sub Registrar Office that covers Magazinepuram 5th 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 for property transactions in Perambur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the eyes of the law. It is essential for buyers to be aware of the guideline value to ensure they are paying a fair price and to avoid any legal complications during the registration process.

Frequently asked questions

What is the current guideline value of Magazinepuram 5th Street?

The current guideline value of Magazinepuram 5th 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 from Rs 369 per sq.ft in 2003 to Rs 1,600 per sq.ft in 2024, with various increments and decrements over the years.

What is the median guideline value in Perambur?

The median guideline value in Perambur is Rs 2,700 per sq.ft, while Magazinepuram 5th Street's 2024 figure is below this median.

What are the stamp duty and registration fees for properties in Magazinepuram 5th Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 1,44,000, which includes a stamp duty of Rs 1,12,000 and a registration fee of Rs 32,000.

Which office handles registrations for Magazinepuram 5th Street?

The Purasaivakkam Sub Registrar Office handles registrations for Magazinepuram 5th Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.