Guideline Value for MAGICA

Magica guideline value

The current guideline value of Magica, located in Kuthampakkam village under the Avadi SRO, is Rs 1,642 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - II.

How the guideline value of Magica has changed

The guideline value of Magica has undergone several revisions over the years. The 2017 revision set the value at Rs 1,000 per sq.ft. In 2023, it increased to Rs 1,493 per sq.ft, marking a 49% increase from the previous revision. The most recent revision in 2024 saw the guideline value rise to Rs 1,642 per sq.ft, which is a 10% increase from 2023. Overall, from 2017 to 2024, the guideline value has increased by 64%.

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

Guideline values in Kuthampakkam

Kuthampakkam village has 19 streets under the Avadi SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 3,564 per sq.ft. The median value is Rs 1,642 per sq.ft, which is equal to the current guideline value of Magica.

• Kumaran Highway City: Rs 3,564 per sq.ft (2024)
• Ms Dream Town Thiru Jayanthinadhar Nagar: Rs 880 per sq.ft (2024)
• Ms Fortune City: Rs 880 per sq.ft (2024)
• Ms Residency: Rs 770 per sq.ft (2024)
• Ms Residency Extension: Rs 990 per sq.ft (2024)
• Gowri Avenue: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Magica

For a 1,000 sq.ft plot at the current guideline value of Rs 1,642 per sq.ft, the total guideline value amounts to Rs 16,42,000. The stamp duty at 7% would be Rs 1,14,940, and the registration fee at 2% would be Rs 32,840, bringing the total cost for these fees to Rs 1,47,780. 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 the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Magica?

The Sub Registrar Office that covers Magica is the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kuthampakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Magica?

The current guideline value of Magica is Rs 1,642 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,000 per sq.ft in 2017 to Rs 1,642 per sq.ft in 2024, which is a total increase of 64% over the years.

What are the stamp duty and registration fees for a property in Magica?

For a property valued at Rs 16,42,000, the stamp duty would be Rs 1,14,940, and the registration fee would be Rs 32,840, totaling Rs 1,47,780.

Which Sub Registrar Office covers Magica?

The Avadi Sub Registrar Office covers Magica, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District.

What is the land classification for Magica?

The land classification for Magica is Residential Class II Type - II, indicating its suitability for residential development.