Guideline Value for SRI MUGAMBIGAI NAGAR

Sri Mugambigai Nagar guideline value

The current guideline value of Sri Mugambigai Nagar is Rs 200 per sq.ft, effective from 1 July 2024. This locality is situated in Vannipakkam village, under the Ponneri Sub Registrar Office (SRO). The land classification for this area is Residential Class II Type - I.

How the guideline value of Sri Mugambigai Nagar has changed

In the 2012 revision, the guideline value was set at Rs 200 per sq.ft. This was followed by a decrease to Rs 134 per sq.ft in the 2017 revision, marking a decline of 33%. However, the value increased significantly to Rs 200 per sq.ft in the 2023 revision, reflecting a 49% increase from the 2017 figure. The current revision in 2024 maintains this value at Rs 200 per sq.ft, showing no change from the previous year.

The register has no figure for this street in the years 2002, 2003, and 2007. Overall, from the 2012 revision to the 2024 revision, the guideline value has remained unchanged at Rs 200 per sq.ft.

Guideline values in Vannipakkam

In Vannipakkam, there are seven streets under the Ponneri SRO that have a guideline value for 2024, ranging from Rs 200 to Rs 250 per sq.ft. The median guideline value for these streets is Rs 200 per sq.ft, placing Sri Mugambigai Nagar at this median value.

• Srinivasapuram: Rs 200 per sq.ft (2024)
• Sri Bhavani Nagar: Rs 200 per sq.ft (2024)
• M.N.Garden Phase II: Rs 250 per sq.ft (2024)
• M.N.Garden Phase I: Rs 250 per sq.ft (2024)
• M.G.M. Nagar: Rs 200 per sq.ft (2024)
• Mallikai Nagar: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Mugambigai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the total guideline value amounts to Rs 2,00,000. The stamp duty at 7% would be Rs 14,000, and the registration fee at 2% would be Rs 4,000, bringing the total to Rs 18,000. 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 precise calculations.

Which Sub Registrar Office covers Sri Mugambigai Nagar?

The Sub Registrar Office that covers Sri Mugambigai Nagar is the Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. For further assistance, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vannipakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is used to calculate the fees, ensuring that the amount reflects the official valuation of the property. This process helps maintain transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Sri Mugambigai Nagar?

The current guideline value of Sri Mugambigai Nagar is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with a notable decrease to Rs 134 per sq.ft in 2017, followed by an increase back to Rs 200 per sq.ft in 2023, and remaining the same in 2024.

What is the land classification for Sri Mugambigai Nagar?

Sri Mugambigai Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 2,00,000, the stamp duty would be Rs 14,000 and the registration fee would be Rs 4,000, totaling Rs 18,000.

Where can I find the Sub Registrar Office for Sri Mugambigai Nagar?

The Ponneri Sub Registrar Office, which covers Sri Mugambigai Nagar, is located at 9/5, Taluk Office Road, Ponneri, Chennai-601204.