Guideline Value for Mahaveer Garden Annex 4

Mahaveer Garden Annex 4 guideline value

The current guideline value of Mahaveer Garden Annex 4 is Rs 1,650 per sq.ft, effective from 1 July 2024. This property is located in Puzhal village under the Redhills SRO and is classified as Residential Class I Type - I.

How the guideline value of Mahaveer Garden Annex 4 has changed

The guideline value of Mahaveer Garden Annex 4 has seen several revisions over the years. In 2003, the guideline value was Rs 78 per sq.ft, which increased significantly to Rs 200 per sq.ft in 2007. Following this, the value rose dramatically to Rs 1,500 per sq.ft in 2012, marking a 650% increase. However, it decreased to Rs 1,005 per sq.ft in 2017, a reduction of 33%. The value then increased to Rs 1,500 per sq.ft in 2023, followed by a further increase to Rs 1,650 per sq.ft in 2024, reflecting a 10% rise.

Between 2017 and 2023, the value surged by 49%. Overall, from 2003 to 2024, the guideline value has increased by an impressive 2015%. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Puzhal

In Puzhal, there are 270 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 1,102 per sq.ft. The guideline value of Mahaveer Garden Annex 4 is above this median.

• Mahaveer Garden Annex 2&3: Rs 1,650 per sq.ft (2024)
• Mahaveer Garden Annex-1: Rs 1,650 per sq.ft (2024)
• Mahaveer Nagar: Rs 1,650 per sq.ft (2024)
• Mahaveer Garden: Rs 1,650 per sq.ft (2024)
• Maharaja Nagar: Rs 1,102 per sq.ft (2024)
• Mahalakshmi Nagar Extention: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Mahaveer Garden Annex 4

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost for these fees to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahaveer Garden Annex 4?

The Sub Registrar Office that covers Mahaveer Garden Annex 4 is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Puzhal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that these costs are calculated fairly based on the property's assessed value.

When a buyer or seller engages in a transaction, the guideline value helps in establishing a transparent process, as it is set by the government and reflects the prevailing market conditions for the area. This ensures that both parties are aware of the financial obligations involved in the property transaction.

Frequently asked questions

What is the current guideline value of Mahaveer Garden Annex 4?

The current guideline value of Mahaveer Garden Annex 4 is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 78 per sq.ft in 2003 to Rs 1,650 per sq.ft in 2024, reflecting a total increase of 2015% over the years.

What are the stamp duty and registration fees for Mahaveer Garden Annex 4?

For a 1,000 sq.ft plot, the total guideline value is Rs 16,50,000, with stamp duty at 7% amounting to Rs 1,15,500 and a registration fee at 2% of Rs 33,000, totaling Rs 1,48,500.

Which Sub Registrar Office is responsible for Mahaveer Garden Annex 4?

The Redhills Sub Registrar Office is responsible for Mahaveer Garden Annex 4, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification of Mahaveer Garden Annex 4?

Mahaveer Garden Annex 4 is classified as Residential Class I Type - I, indicating its suitability for residential development.