Guideline Value for Magizhchi Colony

Magizhchi Colony guideline value

The current guideline value of Magizhchi Colony, located in Mugappair village under the Konnur SRO, is Rs 7,100 per sq.ft. This value is effective from the 2024 revision, which took place on 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Magizhchi Colony has changed

The guideline value for Magizhchi Colony has seen several revisions over the years. In 2002, the value was Rs 524 per sq.ft, which increased to Rs 576 per sq.ft in 2003, marking a 10% rise. The next significant jump occurred in 2007 when the guideline value rose to Rs 1,500 per sq.ft, representing a 160% increase. Following that, in 2012, the value was Rs 6,500 per sq.ft, showing a substantial increase of 333% from the previous revision. However, in 2017, the value dropped to Rs 4,355 per sq.ft, reflecting a decrease of 33%.

From 2017 to 2023, the guideline value increased significantly to Rs 6,500 per sq.ft, which is a 49% rise. The most recent revision in 2024 set the value at Rs 7,100 per sq.ft, marking a 9% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1255%. There are no figures available for revisions for this street in years not listed.

Guideline values in Mugappair

Mugappair village has a total of 224 streets under the Konnur SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 7,100 per sq.ft, which aligns with the current value for Magizhchi Colony.

• Magaveer Nagar & Other Street: Rs 3,800 per sq.ft (2024)
• Madhiazhagan Nagar Veenus Street: Rs 3,800 per sq.ft (2024)
• Madhiazhagan Nagar: Rs 3,800 per sq.ft (2024)
• Manjakkuppam: Rs 3,800 per sq.ft (2024)
• Maraimalai Adigal Salai: Rs 5,500 per sq.ft (2024)
• Mariamman Koil Street 1,2 and 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Magizhchi Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, while the registration fee at 2% would be Rs 1,42,000. Therefore, the total cost for stamp duty and registration fee together would be Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Magizhchi Colony?

The Sub Registrar Office that covers Magizhchi Colony is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a critical factor during property registration in Mugappair. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the transaction process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both parties are aware of the financial implications involved in the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Magizhchi Colony?

The current guideline value of Magizhchi Colony is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 524 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 1255% over the years.

What is the land classification for Magizhchi Colony?

The land classification for Magizhchi Colony is Residential Special Type - I, indicating its designated use for residential purposes.

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

The Sub Registrar Office for Magizhchi Colony is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How are stamp duty and registration fees calculated for properties in Magizhchi Colony?

Stamp duty and registration fees are calculated based on the guideline value of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a total of Rs 6,39,000 in fees.