Guideline Value for MS SMART CITY

Ms Smart City guideline value

The current guideline value for Ms Smart City in Nemam village, under the Avadi SRO, is Rs 770 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Type - I.

How the guideline value of Ms Smart City has changed

The guideline value for Ms Smart City has undergone several revisions over the years. The 2017 revision recorded a value of Rs 700 per sq.ft, which remained unchanged in the 2023 revision. However, the latest 2024 revision has increased this value to Rs 770 per sq.ft, marking a 10% increase from the previous year.

There are several years for which the register has no figure for this street, specifically 2002, 2003, 2007, and 2012. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Nemam

In Nemam, there are 14 streets under the Avadi SRO that carry a 2024 guideline value, ranging from Rs 330 to Rs 1,590 per sq.ft. The median guideline value for these streets is Rs 740 per sq.ft, placing Ms Smart City's 2024 figure above that median.

• Radha Nagar: Rs 710 per sq.ft (2024)
• Rajalakshmi Enclave Phase I: Rs 360 per sq.ft (2024)
• Rajalakshmi Enclave Phase - II: Rs 550 per sq.ft (2024)
• Rajalakshmi Nagar: Rs 440 per sq.ft (2024)
• Kamatchi Nagar: Rs 330 per sq.ft (2024)
• Glorious City: Rs 330 per sq.ft (2024)

Stamp duty and registration fee for property in Ms Smart City

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value would be Rs 7,70,000. The stamp duty at 7% would amount to Rs 53,900, and the registration fee at 2% would be Rs 15,400, bringing the total fees to Rs 69,300. It is important to note that the 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 Ms Smart City?

Ms Smart City falls under the jurisdiction of the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Nemam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value will be used to calculate the applicable stamp duty and registration fees, which are mandatory costs associated with the transaction. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value for Ms Smart City?

The current guideline value for Ms Smart City is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2017 to Rs 770 per sq.ft in 2024, reflecting a 10% increase. There were no changes recorded for the years 2012, 2003, and 2007 for this street.

What is the median guideline value for streets in Nemam?

The median guideline value for the 14 streets in Nemam under the Avadi SRO is Rs 740 per sq.ft. Ms Smart City's guideline value is above this median.

What are the stamp duty and registration fees for a property in Ms Smart City?

For a property valued at Rs 7,70,000, the total stamp duty would be Rs 53,900, and the registration fee would be Rs 15,400, totaling Rs 69,300. These fees are based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Ms Smart City?

The Avadi Sub Registrar Office covers Ms Smart City, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.