Guideline Value for MOOGAMBIGAI NAGAR

Moogambigai Nagar guideline value

The current guideline value of Moogambigai Nagar, located in Ramapuram village, is Rs 3,850 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint II SRO and is classified as Residential Class I Type - I.

How the guideline value of Moogambigai Nagar has changed

The guideline value for Moogambigai Nagar has seen significant changes over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 316 per sq.ft. This figure increased to Rs 417 per sq.ft in 2003, marking a 32% rise. By 2007, the value jumped to Rs 1,400 per sq.ft, reflecting a substantial increase of 236%. The 2012 revision saw the value at Rs 3,500 per sq.ft, which was a 150% increase from the previous revision. However, in 2017, the value decreased to Rs 2,345 per sq.ft, a decline of 33%. The guideline value then rose to Rs 3,500 per sq.ft in 2023, before reaching the current value of Rs 3,850 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1118%. The register has no figures for any other years not mentioned above.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft, with a median value of Rs 3,100 per sq.ft. The guideline value for Moogambigai Nagar is above this median.

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

Stamp duty and registration fee for property in Moogambigai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total charges to Rs 3,46,500. Please note that 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 Moogambigai Nagar?

The Sub Registrar Office that covers Moogambigai Nagar 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 an important factor in property transactions in Ramapuram. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duty are calculated based on the guideline value or the sale price, whichever is higher.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, helping to maintain transparency in property dealings. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Moogambigai Nagar?

The current guideline value of Moogambigai Nagar is Rs 3,850 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 316 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1118% over this period.

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

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office covers Moogambigai Nagar?

The Chennai South Joint II Sub Registrar Office covers Moogambigai Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the land classification of Moogambigai Nagar?

Moogambigai Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.