Guideline Value for Moogambigai Nagar 5th Street

Moogambigai Nagar 5th Street guideline value

The current guideline value of Moogambigai Nagar 5th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Moogambigai Nagar 5th Street has changed

The guideline value for Moogambigai Nagar 5th Street has seen significant changes over the years. In 2002, the value was Rs 97 per sq.ft, which increased to Rs 250 per sq.ft in 2003, marking a rise of 158%. The value continued to grow, reaching Rs 300 per sq.ft in 2007, a 20% increase from the previous revision. However, from 2007 to 2012, the value dropped to Rs 2,000 per sq.ft, representing a decrease of 567%. In 2017, the guideline value rose again to Rs 1,340 per sq.ft, a 49% increase. The 2023 revision set the value at Rs 2,000 per sq.ft, and the most recent revision in 2024 increased it to Rs 2,200 per sq.ft, reflecting a 10% rise.

There are no figures available for the years not mentioned in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 2168%.

Guideline values in Nerkundram

Nerkundram consists of 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value for the area is Rs 2,200 per sq.ft, which is equal to the current value of Moogambigai Nagar 5th Street.

• Moogambigai Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Moogambigai Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Moogambigai Nagar 4th CrossStreet: Rs 2,200 per sq.ft (2024)
• Moogambigai Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• Moogambigai Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Moogambigai Nagar 8th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Moogambigai Nagar 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty, charged at 7%, would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for stamp duty and registration fee would be Rs 1,98,000. 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 information.

Which Sub Registrar Office covers Moogambigai Nagar 5th Street?

The Moogambigai Nagar 5th Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office. The address is No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during property transactions.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Moogambigai Nagar 5th Street?

The current guideline value of Moogambigai Nagar 5th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 97 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing a significant overall increase of 2168%.

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

The guideline value is used to determine the minimum value for property registration and is essential for calculating stamp duty and registration fees.

Where can I find the Sub Registrar Office for Moogambigai Nagar 5th Street?

The Virugambakkam Sub Registrar Office covers Moogambigai Nagar 5th Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How do I calculate stamp duty and registration fees?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for precise calculations.