Guideline Value for Mahaveer Garden

Mahaveer Garden guideline value

The current guideline value of Mahaveer Garden 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 has changed

The guideline value of Mahaveer Garden has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 390 per sq.ft. In 2003, the value decreased to Rs 71 per sq.ft. The next revision in 2007 saw a significant increase to Rs 200 per sq.ft, followed by a remarkable rise to Rs 1,500 per sq.ft in 2012. However, this was followed by a decrease to Rs 1,005 per sq.ft in 2017. The value then increased to Rs 1,500 per sq.ft in 2023, and most recently, it has risen to Rs 1,650 per sq.ft in 2024.

Between these revisions, the changes were notable. From 2002 to 2003, there was a decrease of 82%. The period from 2003 to 2007 saw an increase of 182%. The 2007 to 2012 revision had a substantial increase of 650%. However, from 2012 to 2017, there was a decrease of 33%. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 323%.

Guideline values in Puzhal

In Puzhal, there are 270 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 1,102 per sq.ft, and Mahaveer Garden's current value is above this median.

• Mahaveer Garden Annex-1: Rs 1,650 per sq.ft (2024)
• Mahaveer Garden Annex 2&3: Rs 1,650 per sq.ft (2024)
• Mahaveer Garden Annex 4: Rs 1,650 per sq.ft (2024)
• Mahaveer Nagar: 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

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, making the total cost for these fees Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahaveer Garden?

Mahaveer Garden falls under the jurisdiction of 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 when registering property transactions in Puzhal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted transparently and fairly.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahaveer Garden?

The current guideline value of Mahaveer Garden 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 multiple times, starting from Rs 390 per sq.ft in 2002 and rising to Rs 1,650 per sq.ft in 2024, with various increases and decreases in between.

What are the other streets with the same guideline value in Puzhal?

Other streets in Puzhal with the same guideline value of Rs 1,650 per sq.ft in 2024 include Mahaveer Garden Annex-1, Mahaveer Garden Annex 2&3, Mahaveer Garden Annex 4, and Mahaveer Nagar.

What is the registration fee for property in Mahaveer Garden?

The registration fee for property in Mahaveer Garden is calculated based on the guideline value, which is Rs 1,650 per sq.ft. For a 1,000 sq.ft property, the registration fee would be Rs 33,000.

Where can I find my Sub Registrar Office?

The Sub Registrar Office covering Mahaveer Garden is the Redhills Sub Registrar Office. You can find more details by visiting the provided link to find your SRO.