Guideline Value for Mogappair Vennus Street

Mogappair Vennus Street guideline value

The current guideline value of Mogappair Vennus Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mugappair village and falls under the Konnur SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Mogappair Vennus Street has changed

The guideline value for Mogappair Vennus Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 204 per sq.ft. It increased to Rs 224 per sq.ft in 2003. The next significant jump occurred in 2007 when the value rose to Rs 800 per sq.ft, and then it further increased to Rs 3,000 per sq.ft in 2012. However, there was a decrease in the 2017 revision, where the value dropped to Rs 2,010 per sq.ft. The following revisions saw a substantial increase, with the value reaching Rs 3,000 per sq.ft in 2023 and finally Rs 3,300 per sq.ft in 2024.

In summary, the changes between the revisions are as follows: from 2002 to 2003, the increase was +10%; from 2003 to 2007, it was +257%; from 2007 to 2012, it was +275%; from 2012 to 2017, it was -33%; from 2017 to 2023, it was +49%; and from 2023 to 2024, it was +10%. Overall, from 2002 to 2024, the guideline value has increased by +1518%.

Guideline values in Mugappair

In Mugappair, there are 224 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median value for these streets is Rs 7,100 per sq.ft, placing Mogappair Vennus Street's 2024 figure below that median.

• Mogappair School Street (Mogappair East): Rs 7,100 per sq.ft (2024)
• Mogappair Road Segment - 4 (End of the Srinivasa Nagar and near Madhiyazhagan Nagar): Rs 7,100 per sq.ft (2024)
• Mogappair Road Segment - 3 (Wavin to Mogappair Road West Water Tank): Rs 7,100 per sq.ft (2024)
• Mogappair Road Segment - 2 (Sidco Arch to Mogappair East): Rs 7,100 per sq.ft (2024)
• Mogappair Road (Segment – 1) Thirumangalam Circule to Sidco Arch: Rs 7,100 per sq.ft (2024)
• Mogappair Road Segment – 1: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Mogappair Vennus 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 fees together to Rs 2,97,000. It is important to note that 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 Mogappair Vennus Street?

The Sub Registrar Office that covers Mogappair Vennus Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. For additional information, you can find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Mugappair. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration process is transparent and standardized across the region.

Frequently asked questions

What is the current guideline value of Mogappair Vennus Street?

The current guideline value of Mogappair Vennus 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 204 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of +1518%.

What is the land classification for Mogappair Vennus Street?

Mogappair Vennus Street is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for a property in Mogappair Vennus Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 33,00,000, with a stamp duty of Rs 2,31,000 and a registration fee of Rs 66,000, totaling Rs 2,97,000.

Which office handles the registration for Mogappair Vennus Street?

The Konnur Sub Registrar Office handles the registration for Mogappair Vennus Street, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.