Guideline Value for MAHAVEER NAGAR

Mahaveer Nagar guideline value

The current guideline value of Mahaveer Nagar is Rs 1,900 per sq.ft, effective from 1 July 2024. This area is located in Thiruvottiyur village and falls under the Thiruvottiyur SRO. The land classification for this street is Residential Class I Type - III.

How the guideline value of Mahaveer Nagar has changed

The guideline value for Mahaveer Nagar has seen several revisions over the years. In 2002, the guideline value was Rs 145 per sq.ft, which increased to Rs 170 per sq.ft in 2003, marking a 17% rise. The value continued to rise significantly, reaching Rs 500 per sq.ft in 2007, a 194% increase from the previous revision. By 2012, the value was Rs 1,800 per sq.ft, showing a substantial increase of 260% from 2007. However, it dropped to Rs 1,206 per sq.ft in 2017, reflecting a decrease of 33%.

In the subsequent revisions, the guideline value rose again, with the 2023 figure set at Rs 1,800 per sq.ft. The most recent revision in 2024 has increased the value to Rs 1,900 per sq.ft, which is a 6% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1210%.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 8,600 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Mahaveer Nagar is below this median.

• Mallikapuram: Rs 2,150 per sq.ft (2024)
• Manali Express Road: Rs 3,300 per sq.ft (2024)
• Madura Nagar: Rs 1,500 per sq.ft (2024)
• Manikkam Nagar: Rs 3,300 per sq.ft (2024)
• Manikkam Nagar Extn: Rs 3,300 per sq.ft (2024)
• Market Lane Kaladipet: Rs 2,800 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 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, bringing the total to Rs 1,71,000. It is important to note that 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 more details.

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. To find your SRO, you can visit the provided link.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Thiruvottiyur. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value helps in assessing the applicable stamp duty, which is calculated based on either the guideline value or the actual sale price, whichever is higher. This ensures transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Mahaveer Nagar?

The current guideline value of Mahaveer Nagar is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 145 per sq.ft in 2002 to Rs 1,900 per sq.ft in 2024, reflecting an overall increase of 1210% over this period.

What is the land classification for Mahaveer Nagar?

Mahaveer Nagar is classified as Residential Class I Type - III, indicating its designation for residential purposes.

What are the stamp duty rates applicable in Mahaveer Nagar?

The stamp duty rate in Mahaveer Nagar is 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2%.

Where is the Thiruvottiyur Sub Registrar Office located?

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