Guideline Value for MUGAMBIGAI EXTENSION

Mugambigai Extension guideline value

The current guideline value of Mugambigai Extension is Rs 700 per sq.ft, effective from 1 July 2024. This area is located in Ponneri village, under the Ponneri SRO, and is classified as Residential Class II Type - I.

How the guideline value of Mugambigai Extension has changed

Over the years, the guideline value for Mugambigai Extension has seen significant changes. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 300 per sq.ft, which increased to Rs 700 per sq.ft in the 2024 revision, reflecting a change of +133%.

The 2024 figure of Rs 700 per sq.ft aligns with the median guideline value for 120 streets in Ponneri, which range from Rs 201 to Rs 1,200 per sq.ft. The 2023 revision's figure of Rs 300 per sq.ft was a considerable increase from previous years, but no figures were available for the earlier revisions.

Guideline values in Ponneri

In Ponneri village, the guideline values vary across different streets, with the 2024 figures ranging from Rs 201 to Rs 1,200 per sq.ft. Mugambigai Extension's 2024 guideline value of Rs 700 per sq.ft is equal to the median value of the area.

• Mugambigai Nagar Layout: Rs 700 per sq.ft (2024)
• Nadar Rice Mill Road: Rs 700 per sq.ft (2024)
• M.G.R. Nagar: Rs 700 per sq.ft (2024)
• Nakkeeran Street: Rs 700 per sq.ft (2024)
• Narayani Appartment: Rs 700 per sq.ft (2024)
• Narayani Nagar: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Mugambigai Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 700 per sq.ft, the total guideline value amounts to Rs 7,00,000. The stamp duty at 7% would be Rs 49,000, and the registration fee at 2% would be Rs 14,000, making the total cost for registration Rs 63,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mugambigai Extension?

The Mugambigai Extension area is covered by the Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Ponneri. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the official value set by the Registration Department.

When buying or selling property, the guideline value helps in establishing a fair price for the transaction, as it reflects the market conditions and land classification in the area. Buyers and sellers should be aware that the guideline value may influence negotiations and final sale agreements.

Frequently asked questions

What is the current guideline value of Mugambigai Extension?

The current guideline value of Mugambigai Extension is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2023 to Rs 700 per sq.ft in 2024, which is a +133% increase. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification of Mugambigai Extension?

Mugambigai Extension is classified as Residential Class II Type - I, which indicates its suitability for residential development.

Where is the Ponneri Sub Registrar Office located?

The Ponneri Sub Registrar Office is located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. This office handles property registrations for the Mugambigai Extension area.

How is the stamp duty calculated for properties in Mugambigai Extension?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot valued at Rs 700 per sq.ft would incur a stamp duty of Rs 49,000.