Guideline Value for NEW MAGAZINE ROAD

New Magazine Road guideline value

The current guideline value of New Magazine Road is Rs 2,200 per sq.ft, effective from 1 July 2024. This road is located in Perambur village under the Purasaivakkam SRO, and it falls under the Residential Class IV Type - I land classification.

How the guideline value of New Magazine Road has changed

The guideline value for New Magazine Road has seen several revisions over the years. In 2002, the value was Rs 420 per sq.ft, which increased to Rs 461 per sq.ft in 2003. Following this, the value rose significantly to Rs 550 per sq.ft in 2007, and then jumped to Rs 2,000 per sq.ft in 2012. However, it decreased to Rs 1,340 per sq.ft in 2017. The value then increased to Rs 2,000 per sq.ft in 2023, before reaching the current figure of Rs 2,200 per sq.ft in 2024.

In terms of percentage changes, from 2002 to 2024, the overall increase is 424%. The most notable change occurred between 2007 and 2012, with a rise of 264%. The value then saw a decrease of 33% from 2012 to 2017. Between 2017 and 2023, the guideline value increased by 49%, and there was a 10% increase from 2023 to 2024.

Guideline values in Perambur

In Perambur village, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, placing New Magazine Road's 2024 figure below that median.

• New Nagar: Rs 3,800 per sq.ft (2024)
• New Rathinamudali Street: Rs 3,200 per sq.ft (2024)
• New Kamaraj Nagar Nehruji 4th Street: Rs 2,700 per sq.ft (2024)
• New Kamaraj Nagar Nehruji 3rd Street: Rs 2,700 per sq.ft (2024)
• New Kamaraj Nagar Nehruji 2nd Street: Rs 2,700 per sq.ft (2024)
• New Kamaraj Nagar Nehruji 1st Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in New Magazine Road

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling 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 detailed calculations.

Which Sub Registrar Office covers New Magazine Road?

The Sub Registrar Office that covers New Magazine Road is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Perambur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in the property market.

When a property is bought or sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of New Magazine Road?

The current guideline value of New Magazine Road 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 changed from Rs 420 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 424% over the years.

What is the land classification for New Magazine Road?

New Magazine Road is classified as Residential Class IV Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties in New Magazine Road?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for New Magazine Road located?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, which covers New Magazine Road.