Guideline Value for MS SMART CITY

Ms Smart City guideline value

The current guideline value of Ms Smart City, located in Nemam_B village under the Avadi SRO, is Rs 770 per sq.ft. This value is effective from 1 July 2024 and falls under the Mixed Type - I land classification.

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 until the 2023 revision. In 2023, the guideline value was revised to Rs 700 per sq.ft, and then increased to Rs 770 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Prior to the 2017 revision, the register has no figures for the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 10%.

Guideline values in Nemam_B

Nemam_B village has 24 streets under the Avadi SRO that carry a 2024 guideline value, ranging from Rs 330 to Rs 3,500 per sq.ft. The median guideline value for these streets is Rs 935 per sq.ft, making the current value of Ms Smart City below that median.

• New Metro City: Rs 330 per sq.ft (2024)
• New Metro City Annex - S.No.755/2: Rs 440 per sq.ft (2024)
• Maansarovar Nagar Phase II: Rs 1,100 per sq.ft (2024)
• Maansarovar Nagar Phase I: Rs 1,100 per sq.ft (2024)
• Radha Nagar: Rs 710 per sq.ft (2024)
• Rajalakshmi Enclave Phase I: Rs 550 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, totaling Rs 69,300. Please note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ms Smart City?

The Sub Registrar Office that covers Ms Smart City is 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_B

The guideline value is a crucial factor in property transactions in Nemam_B, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with legal requirements.

At the time of registration, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Ms Smart City?

The current guideline value of 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 700 per sq.ft in 2023, and then increased to Rs 770 per sq.ft in 2024. The overall change from 2017 to 2024 is an increase of 10%.

What are the guideline values of other streets in Nemam_B?

Other streets in Nemam_B have varying guideline values, ranging from Rs 330 to Rs 3,500 per sq.ft. The median value for these streets is Rs 935 per sq.ft.

How is the stamp duty calculated for properties in Ms Smart City?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher. For a property valued at Rs 7,70,000, the stamp duty would be Rs 53,900.

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

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