Guideline Value for MG M THIAGARAJAPURAM PHASE -3

Mg M Thiagarajapuram Phase -3 guideline value

The current guideline value for Mg M Thiagarajapuram Phase -3 is Rs 660 per sq.ft. This area is located in Thirukkachur - 1 village and falls under the Chengleput Joint II SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Mg M Thiagarajapuram Phase -3 has changed

The guideline value for Mg M Thiagarajapuram Phase -3 has undergone several revisions over the years. The earliest available revision is from 2012, where the guideline value was Rs 600 per sq.ft. This was followed by a decrease to Rs 402 per sq.ft in 2017, which marked a significant drop of 33%. In 2023, the value increased to Rs 600 per sq.ft, and as of the latest revision in 2024, it stands at Rs 660 per sq.ft, reflecting a 10% increase from the previous year.

Between 2017 and 2023, there was a notable increase of 49% in the guideline value. Overall, comparing the figures from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no registered figures for this street in the years 2002, 2003, and 2007.

Guideline values in Thirukkachur - 1

In Thirukkachur - 1, there are 86 streets under the Chengleput Joint II SRO that carry a 2024 guideline value, ranging from Rs 385 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 660 per sq.ft, which is equal to the current value for Mg M Thiagarajapuram Phase -3.

• Mgm Thiyagarajapuram Stage -IV: Rs 660 per sq.ft (2024)
• Melroasapuram: Rs 660 per sq.ft (2024)
• Marundeeswarar Avenue: Rs 590 per sq.ft (2024)
• Malai Koil Street: Rs 550 per sq.ft (2024)
• Nanu Nagar: Rs 385 per sq.ft (2024)
• Nanu Nagar Part-I: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Mg M Thiagarajapuram Phase -3

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value amounts to Rs 6,60,000. The stamp duty at 7% would be Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total fees to Rs 59,400. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mg M Thiagarajapuram Phase -3?

The Sub Registrar Office that covers Mg M Thiagarajapuram Phase -3 is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Thirukkachur - 1

The guideline value plays a crucial role during the registration process when buying or selling property in Thirukkachur - 1. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue from property sales.

When a property is registered, the guideline value is considered alongside the sale price, and the higher of the two figures is used to calculate the applicable duties and fees. This ensures that transactions are fairly assessed based on the established values in the area.

Frequently asked questions

What is the current guideline value of Mg M Thiagarajapuram Phase -3?

The current guideline value of Mg M Thiagarajapuram Phase -3 is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2012 to Rs 402 per sq.ft in 2017, then back to Rs 600 per sq.ft in 2023, and finally to Rs 660 per sq.ft in 2024. This reflects an overall increase of 10% from 2012 to 2024.

What is the land classification for Mg M Thiagarajapuram Phase -3?

The land classification for Mg M Thiagarajapuram Phase -3 is Residential Class I Type - I, indicating its suitability for residential development.

Which office handles registrations for properties in this area?

The Chengleput Joint II Sub Registrar Office is responsible for handling registrations for properties in Mg M Thiagarajapuram Phase -3, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

How is stamp duty calculated for properties in Mg M Thiagarajapuram Phase -3?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 6,60,000 would incur a stamp duty of Rs 46,200 at 7% and a registration fee of Rs 13,200 at 2%.