Guideline Value for SRI MOOGAMBIGAI NAGAR

Sri Moogambigai Nagar guideline value

The current guideline value for Sri Moogambigai Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Korattur village under the Villivakkam SRO, classified as Residential Class III Type - III.

How the guideline value of Sri Moogambigai Nagar has changed

The guideline value for Sri Moogambigai Nagar has seen several revisions over the years. In the 2007 revision, the value was Rs 250 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in the 2012 revision. However, this value decreased to Rs 1,005 per sq.ft in the 2017 revision before rising to Rs 1,500 per sq.ft again in 2023. The latest revision in 2024 set the value at Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 540%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Sri Moogambigai Nagar's 2024 figure below that median.

• Sri Moogambigai Nagar Annex: Rs 1,600 per sq.ft (2024)
• Sri Moogambikai Nagar: Rs 1,300 per sq.ft (2024)
• Srinivasa Nagar: Rs 1,300 per sq.ft (2024)
• Sri Kumaran Nagar Extension: Rs 2,700 per sq.ft (2024)
• Sri Kumaran Nagar: Rs 2,700 per sq.ft (2024)
• Sri Krishna Nagar (Near Sivananda Colony): Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Moogambigai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, while the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Moogambigai Nagar?

The Sub Registrar Office that covers Sri Moogambigai Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the stamp duty and registration fees that are payable during the transaction.

When a property is sold, the buyer must pay the stamp duty based on the higher value between the guideline value and the sale price. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sri Moogambigai Nagar?

The current guideline value of Sri Moogambigai Nagar is Rs 1,600 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 250 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 540% over the years.

What are the stamp duty rates for properties in Sri Moogambigai Nagar?

The stamp duty rate for properties in Sri Moogambigai Nagar is 7% of the guideline value or sale price, whichever is higher.

Which office handles registrations for Sri Moogambigai Nagar?

The Villivakkam Sub Registrar Office handles registrations for Sri Moogambigai Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification of Sri Moogambigai Nagar?

Sri Moogambigai Nagar is classified as Residential Class III Type - III, indicating its designated use for residential purposes.