Guideline Value for Sri Magaveer Nagar

Sri Magaveer Nagar guideline value

The current guideline value of Sri Magaveer Nagar is Rs 501 per sq.ft, effective from 1 July 2024. This area is located in Vedanareyanapuram village and falls under the Chengleput Joint I SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Sri Magaveer Nagar has changed

The guideline value for Sri Magaveer Nagar has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 500 per sq.ft, which later dropped to Rs 335 per sq.ft in the 2017 revision. This marked a decrease of 33%. However, the next revision in 2023 saw an increase to Rs 500 per sq.ft, followed by a marginal increase to Rs 501 per sq.ft in 2024, reflecting no percentage change from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has remained unchanged at Rs 501 per sq.ft. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Vedanareyanapuram

In Vedanareyanapuram, there are 31 streets under the Chengleput Joint I SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 2,050 per sq.ft, with a median value of Rs 600 per sq.ft. The guideline value for Sri Magaveer Nagar is below this median.

• Sri Nagar: Rs 500 per sq.ft (2024)
• Sri Rajeswari Nagar: Rs 600 per sq.ft (2024)
• Shanthi Nagar: Rs 600 per sq.ft (2024)
• Thendral Nagar: Rs 600 per sq.ft (2024)
• Thulasinga Nagar: Rs 400 per sq.ft (2024)
• Valmigi nagar: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Magaveer Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 501 per sq.ft, the total guideline value amounts to Rs 5,01,000. The stamp duty at 7% would be Rs 35,070, and the registration fee at 2% would be Rs 10,020, bringing the total cost for these fees to Rs 45,090. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Sri Magaveer Nagar?

Sri Magaveer Nagar falls under the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Vedanareyanapuram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency and consistency in property dealings.

When selling or buying property, the guideline value impacts the stamp duty and registration fees that must be paid. These fees are calculated based on the guideline value or the sale price, whichever is higher, making it crucial for both buyers and sellers to be aware of the current guideline value.

Frequently asked questions

What is the current guideline value of Sri Magaveer Nagar?

The current guideline value of Sri Magaveer Nagar is Rs 501 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then back to Rs 500 per sq.ft in 2023, and finally to Rs 501 per sq.ft in 2024.

What is the land classification for Sri Magaveer Nagar?

Sri Magaveer Nagar is classified as Residential Class I Type - I, which indicates its zoning for residential purposes.

Where can I find the Chengleput Joint I Sub Registrar Office?

The Chengleput Joint I Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Sri Magaveer Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 5,01,000, the stamp duty at 7% would amount to Rs 35,070.