Guideline Value for MICHEAL GARDEN

Micheal Garden guideline value

The current guideline value of Micheal Garden, located in Ramapuram village, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Micheal Garden has changed

The guideline value for Micheal Garden has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 333 per sq.ft. This increased to Rs 549 per sq.ft in 2003, marking a 65% rise. The value continued to rise significantly, reaching Rs 1,100 per sq.ft in 2007, which was a 100% increase from the previous figure. However, there was a decline in 2012, where the value reverted to Rs 2,500 per sq.ft, a decrease of 33% from 2007.

In 2017, the guideline value saw a substantial increase to Rs 1,675 per sq.ft, which was a 49% rise from 2012. The most recent revision in 2023 set the value at Rs 2,500 per sq.ft. Finally, the current guideline value is Rs 2,750 per sq.ft as of the 2024 revision, representing a 10% increase from the previous year.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, placing the guideline value of Micheal Garden below this median.

• Moogambaigai Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Moogambaigai Nagar 2st Street: Rs 3,850 per sq.ft (2024)
• Moogambaigai Nagar 3st Street: Rs 3,850 per sq.ft (2024)
• Moogambaigai Nagar 4st Street: Rs 3,850 per sq.ft (2024)
• Moogambigai Nagar: Rs 3,850 per sq.ft (2024)
• Moogambigai Nagar Road: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Micheal Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total charges Rs 2,47,500. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Micheal Garden?

The Sub Registrar Office that covers Micheal Garden is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Ramapuram. It serves as a benchmark for determining the value of the property during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the transaction is documented accurately and that the appropriate taxes are paid based on the established guideline value.

Frequently asked questions

What is the current guideline value of Micheal Garden?

The current guideline value of Micheal Garden is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 333 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 726% over the years.

What is the classification of land in Micheal Garden?

Micheal Garden is classified as Residential Class II Type - II, which indicates its intended use for residential purposes.

What are the registration fees for property in Micheal Garden?

The registration fees include a stamp duty of 7% and a registration fee of 2%, calculated based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Micheal Garden located?

The Sub Registrar Office covering Micheal Garden is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.