Guideline Value for Moogambigai Nagar

Moogambigai Nagar guideline value

The current guideline value of Moogambigai Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This locality is situated in Kovur village, under the jurisdiction of the Kunrathur SRO, and is classified as Residential Special Type - I.

How the guideline value of Moogambigai Nagar has changed

The guideline value for Moogambigai Nagar has seen significant changes over the years. In the 2003 revision, the value was Rs 63 per sq.ft, which increased to Rs 153 per sq.ft in 2007. Following this, the value surged to Rs 1,500 per sq.ft in 2012, then dropped to Rs 1,005 per sq.ft in 2017. The 2023 revision marked an increase to Rs 1,500 per sq.ft, and the latest 2024 revision has set the value at Rs 1,650 per sq.ft. The register has no figure for this street in 2002.

Between the revisions, notable changes include a substantial increase of 880% from 2007 to 2012, followed by a decrease of 33% from 2012 to 2017. The value then rose by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 2519%.

Guideline values in Kovur

In Kovur, there are 91 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft, with a median value of Rs 1,650 per sq.ft. Moogambigai Nagar's 2024 figure aligns with this median.

• Moogambigai Nagar Annex: Rs 1,650 per sq.ft (2024)
• Menaka Nagar: Rs 1,650 per sq.ft (2024)
• Melandai Madaveethi Street: Rs 1,650 per sq.ft (2024)
• Mutharamman Nagar (or) Sri Ambal Nagar II: Rs 1,650 per sq.ft (2024)
• Nadu street: Rs 1,650 per sq.ft (2024)
• Nataraj nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Moogambigai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Moogambigai Nagar?

The Moogambigai Nagar area is covered by the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kovur. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that both parties are aware of the financial obligations involved.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the stamp duty. 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?

The current guideline value of Moogambigai Nagar is Rs 1,650 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 63 per sq.ft in 2003 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 2519% over the years.

What are the other streets with the same guideline value in Kovur?

Other streets in Kovur with the same guideline value of Rs 1,650 per sq.ft in 2024 include Moogambigai Nagar Annex, Menaka Nagar, Melandai Madaveethi Street, Mutharamman Nagar (or) Sri Ambal Nagar II, Nadu street, and Nataraj nagar.

What is the stamp duty rate for properties in Moogambigai Nagar?

The stamp duty rate for properties in Moogambigai Nagar is 7%, which is calculated based on the higher of the guideline value or the sale price.

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

The Sub Registrar Office covering Moogambigai Nagar is located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find more information online.