Guideline Value for Magizham Extension

Magizham Extension guideline value

The current guideline value of Magizham Extension is Rs 1,430 per sq.ft, effective from 1 July 2024. This area is located in Kunrathour-B village under the Kunrathur SRO, and is classified as Residential Special Type - II.

How the guideline value of Magizham Extension has changed

Over the years, the guideline value of Magizham Extension has seen significant changes. The 2017 revision set the value at Rs 871 per sq.ft, which increased to Rs 1,300 per sq.ft in the 2023 revision. The most recent revision in 2024 has raised the guideline value to Rs 1,430 per sq.ft, marking a 10% increase from the 2023 figure. The overall increase from the 2017 revision to the 2024 revision is 64%.

There are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street. The change from 2017 to 2023 was a substantial 49%, reflecting the evolving property landscape in the area.

Guideline values in Kunrathour-B

In Kunrathour-B, there are 325 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 660 to Rs 5,130 per sq.ft. The median guideline value for these streets is Rs 1,540 per sq.ft, placing Magizham Extension's 2024 figure below this median.

• Magizham Enclave Phase II: Rs 1,540 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,760 per sq.ft (2024)
• Makizham Enclave Phase - I: Rs 1,760 per sq.ft (2024)
• Malai Koil Street: Rs 1,760 per sq.ft (2024)
• Malaiyadivaram Kulakarai: Rs 1,760 per sq.ft (2024)
• Malaiyadivaram Murugan Koil: Rs 1,760 per sq.ft (2024)

Stamp duty and registration fee for property in Magizham Extension

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 amount to Rs 1,00,100, and the registration fee at 2% would be Rs 28,600, bringing the total fees together to Rs 1,28,700. 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 precise calculations.

Which Sub Registrar Office covers Magizham Extension?

The Magizham Extension area is covered by 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 Kunrathour-B

The guideline value is a crucial factor in property transactions in Kunrathour-B, as it determines the minimum price at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations and to avoid any legal issues during the registration process.

Frequently asked questions

What is the current guideline value of Magizham Extension?

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

How much has the guideline value changed over the years?

The guideline value has increased from Rs 871 per sq.ft in 2017 to Rs 1,430 per sq.ft in 2024, which is an overall increase of 64%.

What are the stamp duty rates for properties in Magizham Extension?

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

Where can I find the Sub Registrar Office for Magizham Extension?

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

What is the land classification for Magizham Extension?

Magizham Extension is classified as Residential Special Type - II, according to the local land classification regulations.