Guideline Value for Magestic Colony

Magestic Colony guideline value

The current guideline value of Magestic Colony is Rs 11,500 per sq.ft, effective from 1 July 2024. This area is located in Thirumangalam village, under the AnnaNagar SRO, and is classified as Residential Special Type - I.

How the guideline value of Magestic Colony has changed

The guideline value for Magestic Colony has seen several revisions over the years. In 2007, the value was Rs 2,200 per sq.ft, which increased significantly to Rs 10,500 per sq.ft in 2012. However, it then decreased to Rs 7,035 per sq.ft in 2017. The value rose to Rs 10,500 per sq.ft in 2023, and currently stands at Rs 11,500 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, there was a notable increase of 49%, followed by a 10% rise from 2023 to 2024. The overall increase from 2007 to 2024 is 423%, reflecting substantial changes in the guideline value over the years.

Guideline values in Thirumangalam

In Thirumangalam village, there are 149 streets under the AnnaNagar SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 15,900 per sq.ft. The median value is Rs 11,500 per sq.ft, which matches the current guideline value for Magestic Colony.

• Kathiravan Colony: Rs 11,500 per sq.ft (2024)
• Nehru Nagar 5th Street, K Block West: Rs 11,500 per sq.ft (2024)
• Kamaraj Street: Rs 3,300 per sq.ft (2024)
• New Colony Street: Rs 3,300 per sq.ft (2024)
• NVN Nagar: Rs 4,400 per sq.ft (2024)
• Old Thirumangalam End Point to 17th Main Road Facing West: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Magestic Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value would be Rs 1,15,00,000. The stamp duty at 7% would amount to Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, making the total fees Rs 10,35,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Magestic Colony?

The Sub Registrar Office that covers Magestic Colony is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Thirumangalam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Magestic Colony?

The current guideline value of Magestic Colony is Rs 11,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,200 per sq.ft in 2007 to Rs 11,500 per sq.ft in 2024, reflecting an overall increase of 423% over the years.

What are the stamp duty rates for property transactions in Magestic Colony?

The stamp duty rate for property transactions in Magestic Colony is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Magestic Colony?

The Sub Registrar Office for Magestic Colony is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification for Magestic Colony?

Magestic Colony is classified as Residential Special Type - I, which is important for determining the applicable guidelines and regulations for property development and transactions.