Guideline Value for Masoothi Garden 1st Street

Masoothi Garden 1st Street guideline value

The current guideline value for Masoothi Garden 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village under the Virugambakkam SRO, classified as Residential Class III Type - II.

How the guideline value of Masoothi Garden 1st Street has changed

The guideline value for Masoothi Garden 1st Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 350 per sq.ft. In 2003, it increased to Rs 383 per sq.ft, marking a 9% rise. The 2007 revision saw a significant jump to Rs 550 per sq.ft, which is a 44% increase from the previous year. The value then surged to Rs 2,500 per sq.ft in 2012, reflecting a remarkable 355% increase.

In 2017, the guideline value decreased to Rs 1,675 per sq.ft, a drop of 33%. However, this was followed by a substantial increase to Rs 2,500 per sq.ft in 2023, and finally, the current value is Rs 2,750 per sq.ft as of the 2024 revision, which is a 10% increase from the previous year. The overall change from 2002 to 2024 amounts to a significant increase of 686%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for Masoothi Garden 1st Street is below this median.

• Masoothi Garden 2nd Street: Rs 2,750 per sq.ft (2024)
• Masoothi Street: Rs 2,750 per sq.ft (2024)
• Mathiazhagan Nagar - Alagirisamy Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - Anna Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - Aranganathan Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - Govindasamy Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Masoothi Garden 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Masoothi Garden 1st Street?

The Sub Registrar Office that covers Masoothi Garden 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Saligramam. It determines the minimum price at which a property can be registered, ensuring that the transaction is documented at a fair value according to government standards.

When buying or selling a property, the guideline value helps in calculating the stamp duty and registration fees, which are necessary for the legal transfer of property ownership. It is essential for both buyers and sellers to be aware of the current guideline value to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Masoothi Garden 1st Street?

The current guideline value of Masoothi Garden 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 350 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 686% over the years.

What is the land classification of Masoothi Garden 1st Street?

Masoothi Garden 1st Street is classified as Residential Class III Type - II.

Which Sub Registrar Office is responsible for Masoothi Garden 1st Street?

The Virugambakkam Sub Registrar Office is responsible for Masoothi Garden 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Masoothi Garden 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 27,50,000, the stamp duty at 7% would be Rs 1,92,500.