Guideline Value for Magimaidas Street / Ganapathy Nagar

Magimaidas Street / Ganapathy Nagar guideline value

The current guideline value of Magimaidas Street / Ganapathy Nagar is Rs 1,760 per sq.ft, effective from 1 July 2024. This street is located in Pammal village and falls under the Pammal SRO, with a land classification of Residential Class III Type - II.

How the guideline value of Magimaidas Street / Ganapathy Nagar has changed

The guideline value for Magimaidas Street / Ganapathy Nagar has seen significant changes over the years. Starting from Rs 161 per sq.ft in 2002, it increased to Rs 182 per sq.ft in 2003, marking a 13% rise. The value further increased to Rs 260 per sq.ft in 2007, which is a 43% increase from the previous revision. In 2017, the value jumped to Rs 1,072 per sq.ft, reflecting a substantial 312% increase. The most recent revisions show the value at Rs 1,600 per sq.ft in 2023, and then it rose by 10% to the current rate of Rs 1,760 per sq.ft in 2024.

There is no figure available for the 2012 revision for this street. Overall, from 2002 to 2024, the guideline value has increased by 993%.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,090 per sq.ft, placing Magimaidas Street / Ganapathy Nagar's 2024 figure below the median.

• Madhavan Street / Muthamzhi Nagar: Rs 2,475 per sq.ft (2024)
• Madhavan Nair Street /Muthamzhi Nagar: Rs 2,475 per sq.ft (2024)
• Madhavan Nair Street, Krishna Nagar: Rs 2,530 per sq.ft (2024)
• Madhavan Nair Lane / Muthamzhi Nagar: Rs 2,475 per sq.ft (2024)
• Madhavan Nair Cross Street, Krishna Nagar: Rs 2,530 per sq.ft (2024)
• Mahalingam Street / Pasumpon Nagar: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Magimaidas Street / Ganapathy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,760 per sq.ft, the total guideline value would be Rs 17,60,000. The stamp duty at 7% would amount to Rs 1,23,200, and the registration fee at 2% would be Rs 35,200, bringing the total charges to Rs 1,58,400. 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 details.

Which Sub Registrar Office covers Magimaidas Street / Ganapathy Nagar?

The Sub Registrar Office that covers Magimaidas Street / Ganapathy Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Pammal. It is used to calculate the stamp duty and registration fees that must be paid when a property is bought or sold. The guideline value is determined by the government and is updated periodically to reflect changes in the real estate market.

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

Frequently asked questions

What is the current guideline value of Magimaidas Street / Ganapathy Nagar?

The current guideline value of Magimaidas Street / Ganapathy Nagar is Rs 1,760 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 161 per sq.ft in 2002 to Rs 1,760 per sq.ft in 2024, which is an overall increase of 993%.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 17,60,000, the stamp duty would be Rs 1,23,200 and the registration fee would be Rs 35,200, totaling Rs 1,58,400.

Which Sub Registrar Office covers this street?

The Pammal Sub Registrar Office covers Magimaidas Street / Ganapathy Nagar, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How does the guideline value affect property transactions?

The guideline value is used to calculate the stamp duty and registration fees when buying or selling a property. The higher of the guideline value or the sale price is taken into account for determining the applicable charges.