Guideline Value for NEW.M.O. SAMPATH NAGAR

New.M.O. Sampath Nagar guideline value

The current guideline value of New.M.O. Sampath Nagar is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Ikkadu village and falls under the Tiruvallur Joint 1 SRO, classified as Residential Class II Type - I.

How the guideline value of New.M.O. Sampath Nagar has changed

The guideline value for New.M.O. Sampath Nagar has seen several revisions over the years. In the 2012 revision, the value was set at Rs 500 per sq.ft, which remained unchanged until the 2017 revision when it dropped to Rs 335 per sq.ft. However, the value significantly increased to Rs 500 per sq.ft in the 2024 revision, mirroring the 2023 figure of Rs 500 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, there was a notable increase of 49%, while the overall change from 2012 to 2024 is 0%. This indicates that despite fluctuations in the past, the guideline value has stabilized at Rs 500 per sq.ft since 2023.

Guideline values in Ikkadu

In Ikkadu village, there are 51 streets under the Tiruvallur Joint 1 SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 1,400 per sq.ft, with a median value of Rs 400 per sq.ft. The guideline value for New.M.O. Sampath Nagar is above this median.

• New Ganapathi Nagar: Rs 500 per sq.ft (2024)
• Oothavadai Street: Rs 400 per sq.ft (2024)
• Mettu street: Rs 500 per sq.ft (2024)
• Post office street: Rs 500 per sq.ft (2024)
• Mandapam street: Rs 500 per sq.ft (2024)
• Makka Nagar 3rd street: Rs 300 per sq.ft (2024)

Stamp duty and registration fee for property in New.M.O. Sampath Nagar

For a 1,000 sq.ft plot at the current rate of Rs 500 per sq.ft, the guideline value amounts to Rs 5,00,000. The stamp duty is charged at 7%, totaling Rs 35,000, while the registration fee is 2%, amounting to Rs 10,000. Together, the total fees would be Rs 45,000. It is important to note that 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 details.

Which Sub Registrar Office covers New.M.O. Sampath Nagar?

The Sub Registrar Office that covers New.M.O. Sampath Nagar is the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Ikkadu. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This process helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of New.M.O. Sampath Nagar?

The current guideline value of New.M.O. Sampath Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revision in 2024 maintaining the value at Rs 500 per sq.ft. The value was Rs 335 per sq.ft in 2017 and Rs 500 per sq.ft in 2012.

What is the median guideline value in Ikkadu?

The median guideline value in Ikkadu is Rs 400 per sq.ft, with New.M.O. Sampath Nagar's value being above this median at Rs 500 per sq.ft.

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

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, for a property valued at Rs 5,00,000, the total fees would be Rs 45,000.

Which office handles property registrations in New.M.O. Sampath Nagar?

The Tiruvallur Joint 1 Sub Registrar Office handles property registrations in New.M.O. Sampath Nagar, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001.