Guideline Value for Maglene street

Maglene street guideline value

The current guideline value of Maglene street in Muthialpet village is Rs 4,900 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class I Type - III.

How the guideline value of Maglene street has changed

The guideline value for Maglene street has seen several revisions over the years. Starting from Rs 1,808 per sq.ft in 2002, it increased to Rs 2,055 per sq.ft in 2003, marking a 14% rise. The value then rose by 27% to Rs 2,600 per sq.ft in 2007, followed by a significant increase of 73% to Rs 4,500 per sq.ft in 2012. However, there was a decline of 33% to Rs 3,015 per sq.ft in 2017.

In the subsequent years, the guideline value increased to Rs 4,500 per sq.ft in 2023, reflecting a 49% rise. The most recent revision in 2024 set the value at Rs 4,900 per sq.ft, which is a 9% increase from the previous year. The register has no figure for the years not listed, and the overall change from 2002 to 2024 is an increase of 171%.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that have a guideline value for 2024, ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, indicating that Maglene street's 2024 guideline value is below this median.

• Madras harbor+: Rs 7,100 per sq.ft (2024)
• Malayappan street: Rs 14,800 per sq.ft (2024)
• Maleeswarar Koil street north: Rs 4,900 per sq.ft (2024)
• Maleeswarar Koil street south: Rs 4,900 per sq.ft (2024)
• Maleeswarar Pillar street *: Rs 4,900 per sq.ft (2024)
• Lingi Chetty Street (Mookar Nallamuthu Street to Post Office Street Junction): Rs 15,900 per sq.ft (2024)

Stamp duty and registration fee for property in Maglene street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value amounts to Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, totaling Rs 4,41,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Maglene street?

The Sub Registrar Office that covers Maglene street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Muthialpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted at a legally recognized value.

When buying or selling property, the guideline value influences the stamp duty and registration fees applicable to the transaction. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Maglene street?

The current guideline value of Maglene street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,808 per sq.ft in 2002 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 171% over this period.

What is the land classification for Maglene street?

Maglene street is classified as Residential Class I Type - III under the Chennai North Joint I SRO.

What are the stamp duty and registration fees for property in Maglene street?

For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Which office handles the registration for Maglene street?

The registration for Maglene street is handled by the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.