Guideline Value for Madhiazhagan Nagar

Madhiazhagan Nagar guideline value

The current guideline value of Madhiazhagan Nagar is Rs 3,800 per sq.ft, effective from 1 July 2024. This area is located in Mugappair village under the Konnur SRO, classified as Residential Class II Type - I.

How the guideline value of Madhiazhagan Nagar has changed

The guideline value for Madhiazhagan Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 800 per sq.ft, which then increased significantly to Rs 3,500 per sq.ft in 2012. However, there was a decrease to Rs 2,345 per sq.ft in 2017. Following this, the value rose to Rs 3,500 per sq.ft in 2023, and currently stands at Rs 3,800 per sq.ft as of the 2024 revision. Notably, the register has no figures for the years 2002 and 2003.

Between revisions, there have been notable changes. From 2007 to 2012, the value increased by 338%. However, it decreased by 33% from 2012 to 2017. The value then saw a substantial increase of 49% from 2017 to 2023, and a further increase of 9% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has risen by 375%.

Guideline values in Mugappair

Mugappair village has a total of 224 streets under the Konnur SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median value for these streets is Rs 7,100 per sq.ft, making the current guideline value of Madhiazhagan Nagar below this median.

• Madhiazhagan Nagar Veenus Street: Rs 3,800 per sq.ft (2024)
• Magaveer Nagar & Other Street: Rs 3,800 per sq.ft (2024)
• Magizhchi Colony: Rs 7,100 per sq.ft (2024)
• Manjakkuppam: Rs 3,800 per sq.ft (2024)
• Maraimalai Adigal Salai: Rs 5,500 per sq.ft (2024)
• Mariamman Koil Street 1,2 and 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Madhiazhagan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, totaling Rs 3,42,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Madhiazhagan Nagar?

The Madhiazhagan Nagar area is covered by the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. To find your SRO, you can visit find your SRO.

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

When buying or selling property in Mugappair, the guideline value is crucial as it determines the stamp duty and registration fees payable. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value, as it can significantly affect the overall cost involved in the transaction. Understanding these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Madhiazhagan Nagar?

The current guideline value of Madhiazhagan Nagar is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 375% over the years.

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

Other streets in Mugappair with a guideline value of Rs 3,800 per sq.ft include Madhiazhagan Nagar Veenus Street, Magaveer Nagar & Other Street, and Manjakkuppam.

What are the stamp duty and registration fees for a property in Madhiazhagan Nagar?

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Which office handles property registration for Madhiazhagan Nagar?

The Konnur Sub Registrar Office handles property registration for Madhiazhagan Nagar, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.