Guideline Value for School 1st and 2nd Street (Near JJ Nagar west Block 7)

School 1st and 2nd Street (Near JJ Nagar west Block 7) guideline value

The current guideline value for School 1st and 2nd Street (Near JJ Nagar west Block 7) is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Mugappair village under the Konnur SRO and is classified as Residential Special Type - I.

How the guideline value of School 1st and 2nd Street (Near JJ Nagar west Block 7) has changed

The guideline value for School 1st and 2nd Street has seen significant changes over the years. In 2002, the value was Rs 431 per sq.ft, which increased to Rs 474 per sq.ft in 2003, marking a 10% rise. The value then experienced a substantial increase to Rs 1,500 per sq.ft in 2007, a change of 216%. Following this, the value rose dramatically to Rs 6,500 per sq.ft in 2012, reflecting a 333% increase. However, between 2012 and 2017, the value decreased to Rs 4,355 per sq.ft, a drop of 33%. The value then increased significantly to Rs 6,500 per sq.ft in 2023, followed by another rise to Rs 7,100 per sq.ft in 2024, which is a 9% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1547%. There are no figures available for revisions in the years not mentioned in the register for this street.

Guideline values in Mugappair

Mugappair village has a total of 224 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median value for these streets is Rs 7,100 per sq.ft, which is equal to the current value for School 1st and 2nd Street.

• Satthallvar Street: Rs 5,500 per sq.ft (2024)
• Sathya Nagar I Main Road and Other Streets: Rs 5,500 per sq.ft (2024)
• Sedhakkathi Salai: Rs 7,100 per sq.ft (2024)
• Sathiya Nagar Second Main Road: Rs 5,500 per sq.ft (2024)
• Sathiya Nagar First and Second Street: Rs 5,500 per sq.ft (2024)
• Senthamizhl Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in School 1st and 2nd Street (Near JJ Nagar west Block 7)

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total fees to Rs 6,39,000. 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 further calculations.

Which Sub Registrar Office covers School 1st and 2nd Street (Near JJ Nagar west Block 7)?

The Sub Registrar Office that covers School 1st and 2nd Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Mugappair. It serves as a benchmark for determining the minimum value of the property for registration purposes, ensuring that the transaction is recorded at a fair value.

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

Frequently asked questions

What is the current guideline value for School 1st and 2nd Street?

The current guideline value for School 1st and 2nd Street (Near JJ Nagar west Block 7) is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 431 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 1547% over the years.

What is the land classification for School 1st and 2nd Street?

School 1st and 2nd Street is classified as Residential Special Type - I under the Konnur SRO.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Where is the Konnur Sub Registrar Office located?

The Konnur Sub Registrar Office is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.