Guideline Value for Magesh Nagar

Magesh Nagar guideline value

The current guideline value of Magesh Nagar, located in Kovilpathagai village under the Ambattur SRO, is Rs 803 per sq.ft, effective from 1 July 2024. This area falls under Residential Class IV Type - I land classification.

How the guideline value of Magesh Nagar has changed

In the 2012 revision, the guideline value was set at Rs 400 per sq.ft. This increased to Rs 268 per sq.ft in the 2017 revision, marking a decrease of 33%. However, from 2017 to 2023, the value saw a significant increase of 200%, bringing it to Rs 803 per sq.ft. The 2023 to 2024 revision did not change the value, remaining at Rs 803 per sq.ft.

The guideline value for Magesh Nagar has shown a notable overall increase of 101% from the 2012 figure to the current 2024 figure. It is important to note that the register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kovilpathagai

Kovilpathagai village has a total of 278 streets under the Ambattur SRO, with guideline values ranging from Rs 803 to Rs 2,900 per sq.ft. The median guideline value in this area is Rs 870 per sq.ft, positioning Magesh Nagar below this median.

• Mahalakshmi Nagar: Rs 803 per sq.ft (2024)
• Mahalakshmi Street (Ashok Nagar): Rs 880 per sq.ft (2024)
• Lotus Nagar: Rs 803 per sq.ft (2024)
• Malliga Nagar: Rs 990 per sq.ft (2024)
• Mamathu Street: Rs 805 per sq.ft (2024)
• Mangalam Nagar: Rs 803 per sq.ft (2024)

Stamp duty and registration fee for property in Magesh Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 803 per sq.ft, the total guideline value amounts to Rs 8,03,000. The stamp duty at 7% would be Rs 56,210, while the registration fee at 2% would be Rs 16,060. Together, the total cost for these fees would be Rs 72,270. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Magesh Nagar?

The Sub Registrar Office that covers Magesh Nagar is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Kovilpathagai. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the transaction must be registered at the local Sub Registrar Office, where the guideline value will be used to calculate the applicable fees. This ensures transparency and helps in maintaining accurate records of property transactions in the area.

Frequently asked questions

What is the current guideline value of Magesh Nagar?

The current guideline value of Magesh Nagar is Rs 803 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2012 to Rs 268 per sq.ft in 2017, then increased to Rs 803 per sq.ft in 2023 and 2024. There are no figures available for the years 2002, 2003, and 2007.

What is the land classification of Magesh Nagar?

Magesh Nagar falls under Residential Class IV Type - I land classification, indicating its use for residential purposes.

How is the stamp duty calculated for properties in Magesh Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 8,03,000, the stamp duty would be Rs 56,210.

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

The Sub Registrar Office covering Magesh Nagar is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.