Guideline Value for Moogambikai Nagar Extension

Moogambikai Nagar Extension guideline value

The current guideline value of Moogambikai Nagar Extension is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Moogambikai Nagar Extension has changed

Over the years, the guideline value of Moogambikai Nagar Extension has undergone several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,200 per sq.ft in the 2023 revision, and finally, it rose to Rs 1,300 per sq.ft in the 2024 revision, marking an 8% increase from the previous year.

Between the 2017 and 2023 revisions, there was a significant increase of 49%. However, from 2012 to 2017, the guideline value experienced a decrease of 33%. Overall, comparing the 2012 and 2024 revisions, there has been a modest increase of 8%.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft as per the 2024 revision. The median guideline value in this area is Rs 1,600 per sq.ft, placing the 2024 figure for Moogambikai Nagar Extension below this median.

• Moogambikai Nagar: Rs 1,300 per sq.ft (2024)
• Moogambigai Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)
• Moolachatharam Main Road: Rs 1,600 per sq.ft (2024)
• Moolachatharam Pachaiappan Naicker Thottam: Rs 1,600 per sq.ft (2024)
• Moolachatharam Road (Ward-4): Rs 1,600 per sq.ft (2024)
• Moolachathiram Main Road (Ward-02): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Moogambikai Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, while the registration fee at 2% would be Rs 26,000, bringing the total fees together to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Moogambikai Nagar Extension?

The Sub Registrar Office that covers Moogambikai Nagar Extension is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Madhavaram. It serves as a benchmark for determining the minimum value of a property during registration. Buyers and sellers must be aware that the guideline value will influence the stamp duty and registration fees applicable during the transaction.

When registering a property, the guideline value helps ensure that the transaction is recorded at a fair value, reflecting the official rates set by the government. This process helps in maintaining transparency and accountability in real estate dealings.

Frequently asked questions

What is the current guideline value of Moogambikai Nagar Extension?

The current guideline value of Moogambikai Nagar Extension is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has seen fluctuations, starting at Rs 1,200 per sq.ft in 2012, decreasing to Rs 804 per sq.ft in 2017, and then rising to Rs 1,300 per sq.ft by 2024.

What is the land classification for Moogambikai Nagar Extension?

Moogambikai Nagar Extension is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, for a property valued at Rs 13,00,000, the total fees would be Rs 1,17,000.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it is responsible for property registrations in the area.