Guideline Value for Min Nagar extention

Min Nagar extention guideline value

The current guideline value for Min Nagar extention is Rs 1,900 per sq.ft, effective from 1 July 2024. This area is located in Oragadam village under the Ambattur SRO, classified as Residential Class I Type - I.

How the guideline value of Min Nagar extention has changed

The guideline value for Min Nagar extention has undergone several revisions over the years. In 2002, the value was Rs 162 per sq.ft, which increased to Rs 175 per sq.ft in 2003. The following revisions saw significant changes, with the value rising to Rs 500 per sq.ft in 2007, then to Rs 1,800 per sq.ft in 2012. However, it decreased to Rs 1,206 per sq.ft in 2017 before increasing again to Rs 1,800 per sq.ft in 2023 and finally reaching Rs 1,900 per sq.ft in 2024.

Between the revisions, there were notable changes. The increase from 2023 to 2024 was +6%. From 2017 to 2023, there was a significant rise of +49%. The value saw a decrease of -33% from 2012 to 2017. The 2007 to 2012 revision showed a remarkable increase of +260%, while the jump from 2003 to 2007 was +186%. The change from 2002 to 2003 was +8%. Overall, from 2002 to 2024, the guideline value has increased by +1073%.

Guideline values in Oragadam

In Oragadam village, there are 596 streets under the Ambattur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Min Nagar extention is below this median.

• Min Nagar: Rs 1,900 per sq.ft (2024)
• M.G.R. Street (V.L.Puram): Rs 2,400 per sq.ft (2024)
• M.G.R. Street (Pudur): Rs 1,900 per sq.ft (2024)
• M.G.R. Street (Gandhi Nagar Part): Rs 1,800 per sq.ft (2024)
• M.G.R. Street (A.K.A. Nagar): Rs 1,600 per sq.ft (2024)
• M.G.R. Avenue (Banu Nagar): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Min Nagar extention

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, bringing the total to Rs 1,71,000. 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 details.

Which Sub Registrar Office covers Min Nagar extention?

The Sub Registrar Office that covers Min Nagar extention is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Oragadam. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property in the area.

When a property is registered, the guideline value is used to assess the applicable charges, ensuring that both buyers and sellers are aware of the financial obligations involved in the transaction. It is essential to consider the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Min Nagar extention?

The current guideline value of Min Nagar extention is Rs 1,900 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 162 per sq.ft in 2002 to Rs 1,900 per sq.ft in 2024, reflecting an overall increase of +1073% over the years.

What is the registration fee for property in Min Nagar extention?

The registration fee is calculated based on the guideline value or the sale price, whichever is higher. For a property valued at Rs 19,00,000, the registration fee would be Rs 38,000 at a rate of 2%.

Where is the Sub Registrar Office for Min Nagar extention located?

The Sub Registrar Office for Min Nagar extention is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How does the guideline value affect property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that both buyers and sellers are aware of their financial obligations when registering a property.