Guideline Value for MAIGAI VINAYAGAR KOIL STREET

Maigai Vinayagar Koil Street guideline value

The current guideline value of Maigai Vinayagar Koil Street is Rs 2,900 per sq.ft, effective from 1 July 2024. This street is located in Chitthalapakkam village under the Selaiyur SRO, classified as Industries Type - I.

How the guideline value of Maigai Vinayagar Koil Street has changed

The guideline value for Maigai Vinayagar Koil Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,700 per sq.ft, which then dropped to Rs 1,809 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,700 per sq.ft in 2023, and further rose to Rs 2,900 per sq.ft in the 2024 revision, marking a 7% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, there has been a 7% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitthalapakkam

In Chitthalapakkam, there are 107 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 5,000 per sq.ft. The median value for these streets is Rs 2,900 per sq.ft, which is equal to the guideline value of Maigai Vinayagar Koil Street.

• Maheswar Nagar: Rs 2,900 per sq.ft (2024)
• Mambakkam Main Road: Rs 3,300 per sq.ft (2024)
• Madambakkam Main Road: Rs 2,850 per sq.ft (2024)
• Manju Foundation Street Synnot: Rs 3,180 per sq.ft (2024)
• Manoranjitham Nagar: Rs 3,300 per sq.ft (2024)
• M.G.R. Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Maigai Vinayagar Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value would be Rs 29,00,000. The stamp duty at 7% would amount to Rs 2,03,000, while the registration fee at 2% would be Rs 58,000, bringing the total to Rs 2,61,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Maigai Vinayagar Koil Street?

The Sub Registrar Office that covers Maigai Vinayagar Koil Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process of property transactions in Chitthalapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value influences the calculation of stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Maigai Vinayagar Koil Street?

The current guideline value of Maigai Vinayagar Koil Street is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,700 per sq.ft in 2023 to Rs 2,900 per sq.ft in 2024, marking a 7% increase. It was Rs 1,809 per sq.ft in 2017 and Rs 2,700 per sq.ft in 2012.

What are the stamp duty and registration fees for property in Maigai Vinayagar Koil Street?

For a property valued at Rs 29,00,000, the stamp duty would be Rs 2,03,000 and the registration fee would be Rs 58,000, totaling Rs 2,61,000.

Where is the Sub Registrar Office for Maigai Vinayagar Koil Street located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value for properties and affects the calculation of stamp duty and registration fees, which are based on the higher of the guideline value or the sale price.