Guideline Value for Magakavi Bharathi Nagar

Magakavi Bharathi Nagar guideline value

The current guideline value of Magakavi Bharathi Nagar is Rs 600 per sq.ft, effective from 1 July 2024. This street is located in Periyapalayam village under the Arani_Tiruvallur SRO, classified as Commercial Class I Type - I.

How the guideline value of Magakavi Bharathi Nagar has changed

The guideline value for Magakavi Bharathi Nagar has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 100 per sq.ft, which increased significantly to Rs 600 per sq.ft in the 2012 revision. However, it then dropped to Rs 402 per sq.ft in 2017. The 2023 revision maintained the value at Rs 600 per sq.ft, and the same value continues into the 2024 revision, showing no change from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 500%. The changes between revisions are notable: from 2012 to 2017, there was a decrease of 33%, while there was a substantial increase of 500% from 2007 to 2012. The increase from 2017 to 2023 was 49%.

Guideline values in Periyapalayam

In Periyapalayam village, there are 31 streets under the Arani_Tiruvallur SRO that carry a 2024 guideline value ranging from Rs 160 to Rs 600 per sq.ft, with a median value of Rs 200 per sq.ft. The guideline value for Magakavi Bharathi Nagar is above this median.

• Madha Koil Street: Rs 160 per sq.ft (2024)
• MA.PO.C.Nagar: Rs 160 per sq.ft (2024)
• Lakshmi Amman Nagar: Rs 250 per sq.ft (2024)
• Mettu Street: Rs 200 per sq.ft (2024)
• M.G.R.Nagar: Rs 300 per sq.ft (2024)
• Kavarai Street: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Magakavi Bharathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value amounts to Rs 6,00,000. The stamp duty at 7% would be Rs 42,000, and the registration fee at 2% would be Rs 12,000, bringing the total fees to Rs 54,000. 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 details.

Which Sub Registrar Office covers Magakavi Bharathi Nagar?

The Sub Registrar Office that covers Magakavi Bharathi Nagar is the Arani_Tiruvallur Sub Registrar Office, located at No.10, S.p Kovil Street, Arani, Ponneri (tk), Thiruvallur (dt) - 601 101, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Periyapalayam. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property.

When a property is registered, the guideline value is used to calculate the applicable duties, ensuring that the government receives the correct revenue based on the property's value as assessed by the registration department.

Frequently asked questions

What is the current guideline value of Magakavi Bharathi Nagar?

The current guideline value of Magakavi Bharathi Nagar is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2007 to Rs 600 per sq.ft in 2012, then decreased to Rs 402 per sq.ft in 2017, and returned to Rs 600 per sq.ft in 2023 and 2024.

What is the land classification of Magakavi Bharathi Nagar?

Magakavi Bharathi Nagar is classified as Commercial Class I Type - I.

What is the stamp duty rate for properties in Magakavi Bharathi Nagar?

The stamp duty rate for properties in Magakavi Bharathi Nagar is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Magakavi Bharathi Nagar?

The Sub Registrar Office for Magakavi Bharathi Nagar is located at No.10, S.p Kovil Street, Arani, Ponneri (tk), Thiruvallur (dt) - 601 101, Chennai registration zone.