Guideline Value for Magizam Avenue

Magizam Avenue guideline value

The current guideline value of Magizam Avenue in Chennerkuppam village is Rs 1,430 per sq.ft, effective from 1 July 2024. This street falls under the Kunrathur SRO and is classified as Residential Class I Type - III.

How the guideline value of Magizam Avenue has changed

The guideline value for Magizam Avenue has undergone several revisions over the years. The earliest recorded figure is from 2007, which was Rs 555 per sq.ft. This value increased significantly to Rs 1,300 per sq.ft in 2012, marking a rise of 134%. However, it then decreased to Rs 871 per sq.ft in 2017, a drop of 33%. The value saw a substantial increase to Rs 1,300 per sq.ft in 2023, followed by a further increase to the current figure of Rs 1,430 per sq.ft in 2024, reflecting a 10% rise.

Notably, there are no figures available for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 158%, showcasing the fluctuations in property valuation over the years.

Guideline values in Chennerkuppam

In Chennerkuppam, there are 74 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,895 per sq.ft. The median guideline value for these streets is Rs 1,540 per sq.ft, placing Magizam Avenue's 2024 figure below this median.

• Leelavathi Nagar: Rs 1,430 per sq.ft (2024)
• Mariamman koil Street: Rs 1,540 per sq.ft (2024)
• Masilamani Nagar: Rs 1,320 per sq.ft (2024)
• Kuppuswamy Nagar: Rs 1,540 per sq.ft (2024)
• Mettu Street: Rs 1,320 per sq.ft (2024)
• M.M. Koil Street (a) Mariamman Koil Street: Rs 1,540 per sq.ft (2024)

Stamp duty and registration fee for property in Magizam Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,430 per sq.ft, the total guideline value would be Rs 14,30,000. The stamp duty at 7% would be Rs 1,00,100, and the registration fee at 2% would be Rs 28,600, bringing the total cost for these fees to Rs 1,28,700. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Magizam Avenue?

The Sub Registrar Office that covers Magizam Avenue is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

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

When a property is registered, the higher of the guideline value and the sale price is considered for calculating the applicable duties. 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 Magizam Avenue?

The current guideline value of Magizam Avenue is Rs 1,430 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 555 per sq.ft in 2007 to Rs 1,430 per sq.ft in 2024, with various increases and decreases in between.

What are the stamp duty rates for properties in Magizam Avenue?

The stamp duty for properties in Magizam Avenue is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

What is the median guideline value in Chennerkuppam?

The median guideline value in Chennerkuppam is Rs 1,540 per sq.ft for the year 2024.