Guideline Value for Masoothi Garden 2nd Street

Masoothi Garden 2nd Street guideline value

The current guideline value of Masoothi Garden 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village under the Virugambakkam SRO, and it falls under the Residential Class III Type - II land classification.

How the guideline value of Masoothi Garden 2nd Street has changed

The guideline value for Masoothi Garden 2nd Street has seen several revisions over the years. In 2002, the value was Rs 350 per sq.ft, which increased to Rs 383 per sq.ft in 2003. Following this, the value rose significantly to Rs 550 per sq.ft in 2007, and then to Rs 2,500 per sq.ft in 2012. However, there was a decrease to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,750 per sq.ft from the 2024 revision. The changes between these revisions include a 10% increase from 2023 to 2024, a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 355% increase from 2007 to 2012, a 44% increase from 2003 to 2007, and a 9% increase from 2002 to 2003.

Overall, from 2002 to 2024, the guideline value has increased by 686%. The register has no figure for the years not mentioned above.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Masoothi Garden 2nd Street's 2024 figure below that median.

• Masoothi Garden 1st 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 2nd 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, making the total cost for these fees Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Masoothi Garden 2nd Street?

The Sub Registrar Office that covers Masoothi Garden 2nd 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 when buying or selling property in Saligramam. It serves as a benchmark for determining the minimum value at which property can be registered. When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for both buyers and sellers, as it impacts the overall cost of property transactions. It ensures that the property is registered at a value that reflects its worth according to government standards.

Frequently asked questions

What is the current guideline value of Masoothi Garden 2nd Street?

The current guideline value of Masoothi Garden 2nd 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 various increases and decreases across different years.

What is the registration office for Masoothi Garden 2nd Street?

The registration office for Masoothi Garden 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the minimum value for registration, influencing the stamp duty and registration fees that buyers must pay based on either the guideline value or the sale price, whichever is higher.