Guideline Value for Mugambekai Nagar

Mugambekai Nagar guideline value

The current guideline value of Mugambekai Nagar is Rs 1,800 per sq.ft, effective from 1 July 2024. This area is located in Kathirvedu village under the Ambattur SRO, classified as Residential Class I Type - II.

How the guideline value of Mugambekai Nagar has changed

The guideline value for Mugambekai Nagar has seen several revisions over the years. The earliest recorded figure is from 2003, where the guideline value was Rs 90 per sq.ft. This increased significantly to Rs 300 per sq.ft in 2007, followed by a remarkable rise to Rs 1,700 per sq.ft in 2012. However, between 2012 and 2017, the value dropped to Rs 1,139 per sq.ft. A substantial increase occurred thereafter, with the value rising to Rs 1,700 per sq.ft in 2023, and currently standing at Rs 1,800 per sq.ft from the 2024 revision.

In summary, the changes between revisions are as follows: from 2003 to 2007, the value increased by 233%; from 2007 to 2012, it increased by 467%; then it decreased by 33% from 2012 to 2017; followed by a 49% increase from 2017 to 2023; and finally, a 6% increase from 2023 to 2024. The overall increase from 2003 to 2024 is a significant 1900%.

Guideline values in Kathirvedu

Kathirvedu village has 78 streets under the Ambattur SRO, with the 2024 guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 1,500 per sq.ft, placing Mugambekai Nagar's 2024 figure above this median.

• Moorthy Nagar: Rs 1,900 per sq.ft (2024)
• Mathew Street: Rs 1,100 per sq.ft (2024)
• Northern Ally Phase-I: Rs 4,200 per sq.ft (2024)
• Northern Ally Phase-II: Rs 4,200 per sq.ft (2024)
• Northern Ally Phase-III: Rs 6,000 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,500 per sq.ft (2024)

Stamp duty and registration fee for property in Mugambekai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,800 per sq.ft, the total guideline value amounts to Rs 18,00,000. The stamp duty at 7% would be Rs 1,26,000, and the registration fee at 2% would be Rs 36,000, bringing the total fees to Rs 1,62,000. 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 Mugambekai Nagar?

The Sub Registrar Office covering Mugambekai Nagar is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

You can find your SRO for more details.

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

The guideline value is a crucial figure used during the registration of property transactions in Kathirvedu. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that both buyers and sellers adhere to the legal requirements set by the registration authorities.

When a property is bought or sold, the guideline value helps determine the official value of the transaction. This ensures transparency and fairness in property dealings, as it reflects the government's assessment of property values in the area.

Frequently asked questions

What is the current guideline value of Mugambekai Nagar?

The current guideline value of Mugambekai Nagar is Rs 1,800 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 90 per sq.ft in 2003 to Rs 1,800 per sq.ft in 2024, with various increases and decreases in between.

What is the registration office for Mugambekai Nagar?

The registration office for Mugambekai Nagar is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is stamp duty calculated in Mugambekai Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 18,00,000, the stamp duty would be Rs 1,26,000 at a rate of 7%.

What are the guideline values for other streets in Kathirvedu?

Other streets in Kathirvedu have varying guideline values, ranging from Rs 1,100 to Rs 6,000 per sq.ft. For instance, Moorthy Nagar has a guideline value of Rs 1,900 per sq.ft in 2024.