Guideline Value for Magesh Nagar Extn

Magesh Nagar Extn guideline value

The current guideline value of Magesh Nagar Extn is Rs 2,310 per sq.ft, effective from 1 July 2024. This area is located in Perungalathur village, under the Padappai SRO, and is classified as Residential Class II Type - I.

How the guideline value of Magesh Nagar Extn has changed

The guideline value for Magesh Nagar Extn has seen several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased significantly to Rs 2,100 per sq.ft in 2012, marking a 600% rise. However, the value then decreased to Rs 1,407 per sq.ft in 2017, representing a 33% drop. The value further increased to Rs 2,100 per sq.ft in 2023, and most recently to Rs 2,310 per sq.ft in 2024, reflecting a 10% increase.

Between the revisions, the overall change from 2007 to 2024 is a substantial increase of 670%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO with a 2024 guideline value range from Rs 1,320 to Rs 5,500 per sq.ft. The median for these values is Rs 2,310 per sq.ft, which is the same as the guideline value for Magesh Nagar Extn.

• Magesh Nagar: Rs 2,310 per sq.ft (2024)
• Maha Kavi Alvar Street: Rs 1,980 per sq.ft (2024)
• Mahakavi Bharathi Nagar: Rs 2,970 per sq.ft (2024)
• Madurakavi Alwar Theru: Rs 2,310 per sq.ft (2024)
• Mahalaxmi Nagar: Rs 2,640 per sq.ft (2024)
• Madan Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Magesh Nagar Extn

For a 1,000 sq.ft plot at the current guideline value of Rs 2,310 per sq.ft, the total guideline value amounts to Rs 23,10,000. The stamp duty at 7% would be Rs 1,61,700, and the registration fee at 2% would be Rs 46,200, bringing the total to Rs 2,07,900. 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 detailed calculations.

Which Sub Registrar Office covers Magesh Nagar Extn?

The Sub Registrar Office that covers Magesh Nagar Extn is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor during the registration of property transactions in Perungalathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value, as it impacts the overall costs involved in the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal issues during registration.

Frequently asked questions

What is the current guideline value of Magesh Nagar Extn?

The current guideline value of Magesh Nagar Extn is Rs 2,310 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 2,310 per sq.ft in 2024, marking an overall increase of 670% over the years.

What are the stamp duty and registration fees for property in Magesh Nagar Extn?

For a 1,000 sq.ft property, the total guideline value is Rs 23,10,000. The stamp duty at 7% is Rs 1,61,700, and the registration fee at 2% is Rs 46,200, totaling Rs 2,07,900.

Which Sub Registrar Office covers Magesh Nagar Extn?

The Padappai Sub Registrar Office covers Magesh Nagar Extn, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the land classification of Magesh Nagar Extn?

Magesh Nagar Extn is classified as Residential Class II Type - I, indicating its suitability for residential development.