Guideline Value for SRI MOOGAMBIKAI NAGAR

Sri Moogambikai Nagar guideline value

The current guideline value of Sri Moogambikai Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam Sub Registrar Office (SRO). The land classification for this street is Residential Class IV Type - I.

How the guideline value of Sri Moogambikai Nagar has changed

Over the years, the guideline value of Sri Moogambikai Nagar has seen several revisions. The 2017 revision set the value at Rs 804 per sq.ft. This figure increased significantly to Rs 1,200 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 brought the value up to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

There are no figures available for the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 62%.

Guideline values in Korattur

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

• Sri Moogambigai Nagar Annex: Rs 1,600 per sq.ft (2024)
• Sri Moogambigai Nagar: Rs 1,600 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 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 would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Moogambikai Nagar?

Sri Moogambikai Nagar is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for further assistance.

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

The guideline value plays a crucial role during the registration of property transactions in Korattur. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. Buyers and sellers must be aware of the current guideline value to ensure they are compliant with the regulations set by the Registration Department.

When a property is sold, the guideline value or the sale price is considered, and the higher amount is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sri Moogambikai Nagar?

The current guideline value of Sri 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 804 per sq.ft in 2017 to Rs 1,200 per sq.ft in 2023, and then to Rs 1,300 per sq.ft in 2024. This represents an overall increase of 62% from 2017 to 2024.

What are the stamp duty and registration fees for a property in Sri Moogambikai Nagar?

For a 1,000 sq.ft property at the current guideline value, the total guideline value is Rs 13,00,000. The stamp duty is Rs 91,000, and the registration fee is Rs 26,000, totaling Rs 1,17,000.

Which Sub Registrar Office covers Sri Moogambikai Nagar?

The Villivakkam Sub Registrar Office covers Sri Moogambikai Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification for Sri Moogambikai Nagar?

The land classification for Sri Moogambikai Nagar is Residential Class IV Type - I, indicating its designation for residential purposes.