Guideline Value for Mathiazhagan Nagar - Singaravelan Street

Mathiazhagan Nagar - Singaravelan Street guideline value

The current guideline value of Mathiazhagan Nagar - Singaravelan Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the jurisdiction of the Virugambakkam Sub Registrar Office (SRO). The land classification for this area is Residential Class III Type - I.

How the guideline value of Mathiazhagan Nagar - Singaravelan Street has changed

The guideline value for Mathiazhagan Nagar - Singaravelan Street has undergone several revisions over the years. Starting from Rs 451 per sq.ft in 2002, the value increased to Rs 493 per sq.ft in 2003, marking a 9% rise. The value then saw a significant increase to Rs 850 per sq.ft in 2007, a change of 72%. Following this, the value surged to Rs 3,000 per sq.ft in 2012, representing a 253% increase. However, it dropped to Rs 2,010 per sq.ft in 2017, a decrease of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 632%. The register has no figure for this street for the years not mentioned above.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which means that the guideline value for Mathiazhagan Nagar - Singaravelan Street is below this median.

• Mathiazhagan Nagar - Shanmugam Salai: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - Sriramulu Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - Sarojini Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - Thiruvalluvar Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - Rajaji Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - V.O.C Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mathiazhagan Nagar - Singaravelan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 detailed calculations.

Which Sub Registrar Office covers Mathiazhagan Nagar - Singaravelan Street?

The Mathiazhagan Nagar - Singaravelan Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions as it determines the minimum value at which a property can be registered. When buying or selling property in Saligramam, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on the official valuation.

It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during registration. This ensures a smooth transaction process and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Mathiazhagan Nagar - Singaravelan Street?

The current guideline value of Mathiazhagan Nagar - Singaravelan Street is Rs 3,300 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 451 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 632% over the years.

What is the land classification for Mathiazhagan Nagar - Singaravelan Street?

The land classification for Mathiazhagan Nagar - Singaravelan Street is Residential Class III Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering Mathiazhagan Nagar - Singaravelan Street is the Virugambakkam SRO, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in this area?

The stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at a rate of 7%.