Guideline Value for MAHAVEER NAGAR

Mahaveer Nagar guideline value

The current guideline value of Mahaveer Nagar is Rs 330 per sq.ft, effective from 1 July 2024. This area is located in Nanthiambakkam village and falls under the Thiruvottiyur SRO. The land classification for this street is Residential Special Type - II.

How the guideline value of Mahaveer Nagar has changed

Over the years, the guideline value of Mahaveer Nagar has seen several revisions. The earliest recorded figure is from 2002, when the guideline value was Rs 31 per sq.ft. This increased to Rs 36 per sq.ft in 2003, marking a 16% rise. The value then rose to Rs 50 per sq.ft in 2007, reflecting a significant increase of 39%. A substantial jump occurred in 2012, when the value reached Rs 300 per sq.ft, resulting in a 500% increase from the previous revision. However, this was followed by a decrease to Rs 201 per sq.ft in 2017, which represented a decline of 33%.

From 2017 to 2023, the guideline value increased to Rs 300 per sq.ft, a rise of 49%. The most recent revision in 2024 set the value at Rs 330 per sq.ft, marking a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 965%.

Guideline values in Nanthiambakkam

In Nanthiambakkam, there are 85 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 275 to Rs 770 per sq.ft. The median value for the village is Rs 330 per sq.ft, which is equal to the current guideline value of Mahaveer Nagar.

• Mahalakshmi Nagar: Rs 330 per sq.ft (2024)
• Madurai Vaithya Natha Iyar Road: Rs 330 per sq.ft (2024)
• MARIAMMAN NAGAR/ All EXTN: Rs 330 per sq.ft (2024)
• Maruthar Nagar: Rs 330 per sq.ft (2024)
• M.C. Nagar: Rs 385 per sq.ft (2024)
• M .G. R Nagar: Rs 330 per sq.ft (2024)

Stamp duty and registration fee for property in Mahaveer Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 330 per sq.ft, the total guideline value would be Rs 3,30,000. The stamp duty, charged at 7%, would amount to Rs 23,100, while the registration fee at 2% would be Rs 6,600. Together, the total fees would be Rs 29,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Mahaveer Nagar?

The Sub Registrar Office that covers Mahaveer Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nanthiambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of this value to ensure compliance with local regulations during the transaction.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. It is essential for both parties to understand that these fees are based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is legally valid and properly documented.

Frequently asked questions

What is the current guideline value of Mahaveer Nagar?

The current guideline value of Mahaveer Nagar is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 31 per sq.ft in 2002 to Rs 330 per sq.ft in 2024, reflecting an overall increase of 965% over the years.

What are the stamp duty and registration fees for properties in Mahaveer Nagar?

For a property valued at Rs 3,30,000, the stamp duty would be Rs 23,100 and the registration fee would be Rs 6,600, totaling Rs 29,700.

Which Sub Registrar Office covers Mahaveer Nagar?

The Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019, covers Mahaveer Nagar.

What is the land classification for Mahaveer Nagar?

The land classification for Mahaveer Nagar is Residential Special Type - II.