Guideline Value for Masthan Sheriff Nagar

Masthan Sheriff Nagar guideline value

The current guideline value of Masthan Sheriff Nagar is Rs 3,520 per sq.ft, effective from 1 July 2024. This area is located in Zaminpallavaram village under the Pallavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Masthan Sheriff Nagar has changed

The guideline value of Masthan Sheriff Nagar has seen significant changes over the years. The earliest recorded revision was in 2003, with a guideline value of Rs 556 per sq.ft. This value increased to Rs 800 per sq.ft in 2007, marking a growth of 44%. The value then surged to Rs 3,200 per sq.ft in 2012, reflecting a substantial increase of 300%. However, by 2017, the value dropped to Rs 2,144 per sq.ft, a decrease of 33%. The guideline value rebounded to Rs 3,200 per sq.ft in 2023, and further increased to Rs 3,520 per sq.ft in 2024, representing a 10% rise.

Overall, from 2003 to 2024, the guideline value has increased by 533%. It's important to note that there is no recorded figure for the year 2002 for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value is Rs 3,300 per sq.ft, making Masthan Sheriff Nagar's 2024 figure of Rs 3,520 per sq.ft above the median.

• M.C.M. Nagar: Rs 2,750 per sq.ft (2024)
• M.C. Raja Street: Rs 2,750 per sq.ft (2024)
• Meenakshi Avenue: Rs 3,520 per sq.ft (2024)
• Market Road: Rs 3,520 per sq.ft (2024)
• M.E.S. Colony: Rs 2,750 per sq.ft (2024)
• M.E.S. Lane Presently Veerapadran Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Masthan Sheriff Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty at 7% would be Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, bringing the total to Rs 3,16,800. It's important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Masthan Sheriff Nagar?

The Sub Registrar Office that covers Masthan Sheriff Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Zaminpallavaram. It serves as a benchmark for determining the minimum value of a property for registration purposes. When buying or selling property, it is essential to consider the guideline value as it impacts the stamp duty and registration fees applicable to the transaction.

During the registration process, the guideline value ensures that properties are not undervalued, thereby safeguarding the interests of the state and ensuring fair revenue collection. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Masthan Sheriff Nagar?

The current guideline value of Masthan Sheriff Nagar is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 556 per sq.ft in 2003 to Rs 3,520 per sq.ft in 2024, marking an overall increase of 533% over this period.

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

For a property valued at Rs 35,20,000, the stamp duty would be Rs 2,46,400, and the registration fee would be Rs 70,400, totaling Rs 3,16,800.

Which office handles property registrations in Masthan Sheriff Nagar?

The Pallavaram Sub Registrar Office handles property registrations in Masthan Sheriff Nagar, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the significance of the guideline value in property transactions?

The guideline value is used as a benchmark for determining the minimum value of a property during registration. It affects the stamp duty and registration fees, ensuring properties are not undervalued.