Guideline Value for MUGAMBIGAI NAGAR

Mugambigai Nagar guideline value

The current guideline value of Mugambigai Nagar is Rs 220 per sq.ft, effective from 1 July 2024. This street is located in Vallur village under the Thiruvottiyur SRO, classified as Residential Class II Type - I.

How the guideline value of Mugambigai Nagar has changed

Since the 2017 revision, the guideline value for Mugambigai Nagar has increased significantly. The 2017 revision set the value at Rs 134 per sq.ft, which then rose to Rs 200 per sq.ft in the 2023 revision, marking a 49% increase. The current 2024 revision reflects a further increase of 10%, bringing the value to Rs 220 per sq.ft.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Vallur

In Vallur, there are 75 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 220 to Rs 551 per sq.ft, with the median value being Rs 220 per sq.ft. Mugambigai Nagar's current guideline value aligns with this median.

• Min Nagar: Rs 220 per sq.ft (2024)
• Muthu Mariamman Nagar: Rs 220 per sq.ft (2024)
• Nandanar Street: Rs 220 per sq.ft (2024)
• M.C.Raja Street: Rs 220 per sq.ft (2024)
• Maruthi Puram: Rs 220 per sq.ft (2024)
• Maruthi Nagar: Rs 330 per sq.ft (2024)

Stamp duty and registration fee for property in Mugambigai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 220 per sq.ft, the total guideline value would be Rs 2,20,000. The stamp duty at 7% would amount to Rs 15,400, and the registration fee at 2% would be Rs 4,400, totaling Rs 19,800. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mugambigai Nagar?

The Sub Registrar Office that covers Mugambigai Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Vallur. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable fees. This ensures that both buyers and sellers are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Mugambigai Nagar?

The current guideline value of Mugambigai Nagar is Rs 220 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 134 per sq.ft in 2017 to Rs 220 per sq.ft in 2024. This represents a total increase of 64% over this period.

What are the other streets in Vallur with similar guideline values?

Other streets in Vallur with a guideline value of Rs 220 per sq.ft include Min Nagar, Muthu Mariamman Nagar, Nandanar Street, M.C.Raja Street, and Maruthi Puram. Maruthi Nagar has a higher value of Rs 330 per sq.ft.

What is the registration fee for property in Mugambigai Nagar?

The registration fee for property in Mugambigai Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, on a plot valued at Rs 2,20,000, the registration fee would be Rs 4,400 at a rate of 2%.

Where can I find the Sub Registrar Office for Mugambigai Nagar?

The Sub Registrar Office for Mugambigai Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find more information about your SRO through the provided link.