Guideline Value for Masilamani Nagar

Masilamani Nagar guideline value

The current guideline value of Masilamani Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Puzhal village, under the Redhills SRO, and is classified as Residential Class II Type - I.

How the guideline value of Masilamani Nagar has changed

The guideline value for Masilamani Nagar has seen significant changes over the years. In 2002, the value was Rs 780 per sq.ft, which decreased to Rs 79 per sq.ft in 2003. Following this, the value increased dramatically to Rs 300 per sq.ft in 2007, and then to Rs 800 per sq.ft in 2012. However, it dropped to Rs 536 per sq.ft in 2017. The most recent revisions show an increase to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 41%. The changes between the revisions include an 87% increase from 2017 to 2023, a 167% increase from 2007 to 2012, and a 280% increase from 2003 to 2007. The register has no figures for the years not mentioned 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 Masilamani Nagar is below this median.

• Marvel Lake View County: Rs 1,100 per sq.ft (2024)
• Matha Nagar: Rs 1,102 per sq.ft (2024)
• Mariyamman Nagar: Rs 1,650 per sq.ft (2024)
• Mariyammal Nagar: Rs 1,650 per sq.ft (2024)
• Meenakshi Nagar: Rs 1,100 per sq.ft (2024)
• Mannan Street: Rs 1,102 per sq.ft (2024)

Stamp duty and registration fee for property in Masilamani Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Masilamani Nagar?

The Sub Registrar Office that covers Masilamani Nagar 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 information.

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

The guideline value is a crucial factor in the registration of property transactions in Puzhal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property. The guideline value ensures that the government receives appropriate revenue from property transactions.

When registering a property, buyers must pay stamp duty based on the guideline value or the sale price, whichever is higher. This means that understanding the current guideline value is essential for both buyers and sellers to accurately calculate their costs during a property transaction.

Frequently asked questions

What is the current guideline value of Masilamani Nagar?

The current guideline value of Masilamani Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 780 per sq.ft in 2002 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 41% over this period.

What is the land classification of Masilamani Nagar?

Masilamani Nagar is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Masilamani Nagar?

The Sub Registrar Office for Masilamani Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Masilamani Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 at 7%.