Guideline Value for Moogambikai Nagar

Moogambikai Nagar guideline value

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

How the guideline value of Moogambikai Nagar has changed

The guideline value for Moogambikai Nagar has seen several revisions over the years. In 2012, the value was set at Rs 1,200 per sq.ft. This figure remained until the 2017 revision, where it dropped significantly to Rs 804 per sq.ft, marking a decrease of 33%. In 2023, the value increased to Rs 1,200 per sq.ft, and the latest revision in 2024 raised it further to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

Between 2017 and 2023, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 8%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Moogambikai Nagar's 2024 figure below that median.

• Moogambikai Nagar Extension: 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

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

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

Which Sub Registrar Office covers Moogambikai Nagar?

The Sub Registrar Office that covers Moogambikai Nagar 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 plays a crucial role during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Moogambikai Nagar?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification of Moogambikai Nagar?

Moogambikai Nagar is classified as Residential Class III Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated in Moogambikai Nagar?

Stamp duty in Moogambikai Nagar is calculated based on the higher of the guideline value or the sale price. For instance, for a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 1,17,000.