Guideline Value for MAGESHWARI NAGAR

Mageshwari Nagar guideline value

The current guideline value of Mageshwari Nagar, located in Jelandianpettai village, is Rs 2,200 per sq.ft. This value is set by the Chennai South Joint I SRO and falls under the Residential Class II Type - I land classification.

How the guideline value of Mageshwari Nagar has changed

The guideline value for Mageshwari Nagar has seen several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a rise of 567%. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, a drop of 33%. The value then rose sharply again to Rs 2,000 per sq.ft in 2023, an increase of 49% from the previous revision.

The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the 2023 figure. Notably, there are no registered figures for the years 2002 and 2003 for this street.

Guideline values in Jelandianpettai

In Jelandianpettai, there are 248 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which is equal to the current value of Mageshwari Nagar.

• Mageshwari Street: Rs 2,200 per sq.ft (2024)
• Mahagaveer Street: Rs 2,200 per sq.ft (2024)
• Mahaveerar Street Veera Anjaneyar Nagar: Rs 1,870 per sq.ft (2024)
• Logambal Street: Rs 2,750 per sq.ft (2024)
• Manickam Cross Street: Rs 2,750 per sq.ft (2024)
• Manickam Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Mageshwari Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mageshwari Nagar?

The Sub Registrar Office that covers Mageshwari Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Jelandianpettai. It serves as the benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, it is essential to be aware of the guideline value, as it can influence the overall costs involved in the transaction. The guideline value helps maintain transparency in property dealings and ensures that all parties are aware of the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Mageshwari Nagar?

The current guideline value of Mageshwari Nagar is Rs 2,200 per sq.ft as of the 2024 revision.

How has the guideline value changed over the years?

The guideline value has increased from Rs 300 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking a total increase of 633% over the years.

What is the land classification for Mageshwari Nagar?

Mageshwari Nagar falls under the Residential Class II Type - I land classification.

Where can I find the Sub Registrar Office for Mageshwari Nagar?

The Sub Registrar Office for Mageshwari Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for property in Mageshwari Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.