Guideline Value for Mageshwari Nagar

Mageshwari Nagar guideline value

The current guideline value of Mageshwari Nagar, located in Chettimedu village under the Redhills SRO, is Rs 1,006 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Mageshwari Nagar has changed

The guideline value for Mageshwari Nagar has seen significant changes over the years. In the 2003 revision, the value was Rs 18 per sq.ft. This increased to Rs 100 per sq.ft in 2007, marking a rise of 456%. The value then jumped to Rs 300 per sq.ft in 2012, which was an increase of 200%. However, the 2017 revision saw a decrease to Rs 201 per sq.ft, a drop of 33%. The value increased again to Rs 300 per sq.ft in 2023, and then surged to Rs 1,006 per sq.ft in the 2024 revision, reflecting a remarkable increase of 235% from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 5,489%. It is important to note that there is no figure available for this street in the 2002 revision.

Guideline values in Chettimedu

In Chettimedu village, there are 26 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 1,008 per sq.ft, with a median value of Rs 1,002 per sq.ft. Mageshwari Nagar's current guideline value is above this median.

• Lakshmi Nagar: Rs 1,000 per sq.ft (2024)
• Kanthasamy Nagar & V.T. Arasu Nagar: Rs 1,000 per sq.ft (2024)
• Parthasarathi Nagar: Rs 1,006 per sq.ft (2024)
• Parvathipuram: Rs 1,000 per sq.ft (2024)
• Parvathipuram Part 2: Rs 1,008 per sq.ft (2024)
• Parvathipuram Part 3: Rs 1,008 per sq.ft (2024)

Stamp duty and registration fee for property in Mageshwari Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,006 per sq.ft, the total guideline value would be Rs 10,06,000. The stamp duty at 7% would amount to Rs 70,420, and the registration fee at 2% would be Rs 20,120, bringing the total cost for these fees to Rs 90,540. 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 Mageshwari Nagar?

The Sub Registrar Office that covers Mageshwari Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Chettimedu. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during property transactions.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mageshwari Nagar?

The current guideline value of Mageshwari Nagar is Rs 1,006 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 18 per sq.ft in 2003 to Rs 1,006 per sq.ft in 2024, marking an overall increase of 5,489%.

What are the stamp duty and registration fees for properties in Mageshwari Nagar?

For a 1,000 sq.ft property, the total guideline value is Rs 10,06,000. The stamp duty would be Rs 70,420, and the registration fee would be Rs 20,120, totaling Rs 90,540.

Which Sub Registrar Office covers Mageshwari Nagar?

The Redhills Sub Registrar Office covers Mageshwari Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification for Mageshwari Nagar?

Mageshwari Nagar falls under the Residential Class III Type - I land classification.