Guideline Value for Magaveer Nagar & Other Street

Magaveer Nagar & Other Street guideline value

The current guideline value for Magaveer Nagar & Other Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Mugappair village, under the Konnur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Magaveer Nagar & Other Street has changed

The guideline value for Magaveer Nagar & Other Street has undergone several revisions over the years. The earliest recorded figure is from 2012, where the value was Rs 3,500 per sq.ft. This was followed by a decrease to Rs 2,345 per sq.ft in 2017. The value then increased significantly to Rs 3,500 per sq.ft in 2023, and most recently to Rs 3,800 per sq.ft in 2024, marking a 9% increase from the previous year.

From 2012 to 2017, there was a notable decline of 33%, but the overall change from 2012 to 2024 shows a modest increase of 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Mugappair

Mugappair village has a total of 224 streets under the Konnur SRO, with guideline values ranging from Rs 3,300 to Rs 8,800 per sq.ft in 2024. The median value for these streets is Rs 7,100 per sq.ft, placing Magaveer Nagar & Other Street below this median.

• Magizhchi Colony: Rs 7,100 per sq.ft (2024)
• Madhiazhagan Nagar Veenus Street: Rs 3,800 per sq.ft (2024)
• Madhiazhagan Nagar: Rs 3,800 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 Magaveer Nagar & Other Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total cost for these fees to Rs 3,42,000. It's important to note that the 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 Magaveer Nagar & Other Street?

The Sub Registrar Office that covers Magaveer Nagar & Other Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mugappair. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that these costs are calculated based on a standardized value set by the authorities.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value for Magaveer Nagar & Other Street?

The current guideline value for Magaveer Nagar & Other Street 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 3,500 per sq.ft in 2023 to Rs 3,800 per sq.ft in 2024, which is a 9% increase. It was Rs 2,345 per sq.ft in 2017, showing a significant increase of 49% by 2023.

What is the land classification for Magaveer Nagar & Other Street?

Magaveer Nagar & Other Street is classified as Residential Class II Type - I, indicating its designation for residential purposes.

What other streets are in Mugappair and their guideline values?

Other streets in Mugappair include Magizhchi Colony at Rs 7,100 per sq.ft, Madhiazhagan Nagar Veenus Street, Madhiazhagan Nagar, and Manjakkuppam all at Rs 3,800 per sq.ft, among others.

Where can I find the Sub Registrar Office for Magaveer Nagar & Other Street?

The Konnur Sub Registrar Office covers Magaveer Nagar & Other Street, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.