Guideline Value for Magamadan quarters

Magamadan quarters guideline value

The current guideline value of Magamadan quarters in Poonthamallee village, under the Poonamallee SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Magamadan quarters has changed

The guideline value for Magamadan quarters has seen several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012. However, it then decreased to Rs 1,340 per sq.ft in 2017. The 2023 revision marked an increase to Rs 2,000 per sq.ft, and the most recent revision in 2024 brought it to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 633%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Poonthamallee

In Poonthamallee, there are 257 streets under the Poonamallee SRO, with 2024 guideline values ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median value is Rs 2,200 per sq.ft, which is also the current guideline value for Magamadan quarters.

• Mahalakshmi nagar: Rs 2,200 per sq.ft (2024)
• Maaran nagar: Rs 2,200 per sq.ft (2024)
• Malliam Narasima nagar: Rs 2,200 per sq.ft (2024)
• Lakshmipuram: Rs 3,250 per sq.ft (2024)
• Mani Nagar: Rs 2,200 per sq.ft (2024)
• Lakshmi nagar 567,566,643,967: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Magamadan quarters

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. 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 precise calculations.

Which Sub Registrar Office covers Magamadan quarters?

The Magamadan quarters fall under the jurisdiction of the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration of property transactions in Poonthamallee. It is used to determine the stamp duty and registration fees that need to be paid during the transfer of property ownership.

When buying or selling property, the guideline value ensures that the transaction is recorded accurately and that the appropriate taxes are collected by the government. Buyers should be aware of the current guideline value to understand their financial obligations during the property transaction process.

Frequently asked questions

What is the current guideline value for Magamadan quarters?

The current guideline value for Magamadan quarters is Rs 2,200 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 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 633% over this period.

What are the other streets in Poonthamallee with the same guideline value?

Other streets in Poonthamallee with the same guideline value of Rs 2,200 per sq.ft include Mahalakshmi nagar, Maaran nagar, Malliam Narasima nagar, and Mani Nagar.

What is the stamp duty rate for property in Magamadan quarters?

The stamp duty rate for property in Magamadan quarters is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Magamadan quarters?

The Sub Registrar Office covering Magamadan quarters is located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056. You can find more information by visiting the provided link.