Guideline Value for Magesh Nagar

Magesh Nagar guideline value

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

How the guideline value of Magesh Nagar has changed

The guideline value for Magesh Nagar has undergone several revisions over the years. The 2007 revision recorded a value of Rs 300 per sq.ft, which increased significantly to Rs 2,100 per sq.ft in 2012. However, it then decreased to Rs 1,407 per sq.ft in 2017. The values saw a substantial rise, reaching Rs 2,100 per sq.ft again in 2023, and finally, the current guideline value is Rs 2,310 per sq.ft as of the 2024 revision. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, the value increased by 49%, while the jump from 2023 to 2024 was 10%. The earlier increase from 2007 to 2012 was a remarkable 600%, followed by a decrease of 33% from 2012 to 2017. Overall, the guideline value has risen by 670% from 2007 to 2024.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 5,500 per sq.ft, with a median value of Rs 2,310 per sq.ft. The guideline value of Magesh Nagar is equal to this median.

• Magesh Nagar Extn: 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

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 cost together to Rs 2,07,900. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Magesh Nagar?

The Magesh Nagar area is covered by the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Perungalathur. It determines the amount of stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of this value to ensure compliance with local regulations.

When a property is bought or sold, the guideline value serves as a benchmark for the transaction price. If the sale price is higher than the guideline value, the duty is calculated based on the sale price; otherwise, it is based on the guideline value.

Frequently asked questions

What is the current guideline value of Magesh Nagar?

The current guideline value of Magesh Nagar 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 significantly from Rs 300 per sq.ft in 2007 to Rs 2,310 per sq.ft in 2024, showing an overall increase of 670% over this period.

What is the land classification of Magesh Nagar?

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

Where can I find the Padappai Sub Registrar Office?

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

How do I calculate the stamp duty for a property in Magesh Nagar?

To calculate the stamp duty for a property in Magesh Nagar, you can use the guideline value or the sale price, whichever is higher. The stamp duty is typically charged at 7%, and you can find more details using the stamp duty and registration fee calculator.