Guideline Value for MAGESH KUMAR NAGAR

Magesh Kumar Nagar guideline value

The current guideline value of Magesh Kumar Nagar is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Minjur village, under the Ponneri SRO, and is classified as Residential Class II Type - I.

How the guideline value of Magesh Kumar Nagar has changed

The guideline value for Magesh Kumar Nagar has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 550 per sq.ft, an increase from Rs 500 per sq.ft in 2023, marking a 10% rise. Before that, the 2017 revision recorded a value of Rs 335 per sq.ft, indicating a significant increase of 49% to the 2023 figure. The overall change from the 2017 revision to the 2024 revision is an increase of 64%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street. Therefore, the only relevant revisions are from 2017, 2023, and 2024.

Guideline values in Minjur

In Minjur village, there are 179 streets under the Ponneri SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 1,320 per sq.ft. The median guideline value for these streets is Rs 550 per sq.ft, which is equal to the current guideline value of Magesh Kumar Nagar.

• Madhura Nagar: Rs 880 per sq.ft (2024)
• Mahatma Gandhi Street: Rs 550 per sq.ft (2024)
• Mahaveer Nagar: Rs 880 per sq.ft (2024)
• Lalbagadur Shastri West Road: Rs 550 per sq.ft (2024)
• Lalbagadur Sasthri Road: Rs 550 per sq.ft (2024)
• Lalbagadur Sasthri Main Road: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Magesh Kumar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty is charged at 7%, resulting in Rs 38,500, while the registration fee at 2% amounts to Rs 11,000. Together, the total fees would be Rs 49,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Magesh Kumar Nagar?

The Sub Registrar Office that covers Magesh Kumar Nagar is the Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Minjur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. Buyers and sellers should be aware of the current guideline value to accurately calculate the associated costs during the registration process.

Frequently asked questions

What is the current guideline value of Magesh Kumar Nagar?

The current guideline value of Magesh Kumar Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 335 per sq.ft in 2017 to Rs 550 per sq.ft in 2024, reflecting an overall increase of 64% over this period.

What is the land classification of Magesh Kumar Nagar?

Magesh Kumar Nagar is classified as Residential Class II Type - I, which indicates its suitability for residential development.

Where can I find the Ponneri Sub Registrar Office?

The Ponneri Sub Registrar Office is located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. This office handles registrations for properties in Magesh Kumar Nagar.

How is the stamp duty calculated for properties in Magesh Kumar Nagar?

Stamp duty for properties in Magesh Kumar Nagar is calculated based on the guideline value or the sale price, whichever is higher. The current rate is 7% of the guideline value.