Guideline Value for Sri Mahaganapathy Nagar

Sri Mahaganapathy Nagar guideline value

The current guideline value of Sri Mahaganapathy Nagar is Rs 400 per sq.ft, effective from 1 July 2024. This area is located in Kilay village, under the Sriperumpudur SRO, and is classified as Residential Special Type - I.

How the guideline value of Sri Mahaganapathy Nagar has changed

Over the years, the guideline value for Sri Mahaganapathy Nagar has experienced several revisions. The earliest recorded figure is from 2007, where the guideline value was Rs 50 per sq.ft. This value saw a significant increase to Rs 400 per sq.ft in the 2012 revision. However, it dropped to Rs 268 per sq.ft in 2017. The 2023 revision maintained the value at Rs 400 per sq.ft, and the same value continues into the 2024 revision.

In terms of percentage changes, from 2007 to 2012, there was a remarkable increase of +700%. From 2012 to 2017, the value decreased by -33%. The increase from 2017 to 2023 was +49%, and there was no change from 2023 to 2024, maintaining a value of Rs 400 per sq.ft. The overall change from 2007 to 2024 is +700%.

Guideline values in Kilay

In Kilay village, there are 31 streets under the Sriperumpudur SRO that carry a guideline value for 2024, ranging from Rs 100 to Rs 400 per sq.ft, with a median value of Rs 300 per sq.ft. The guideline value of Sri Mahaganapathy Nagar is above this median.

• Sri Krishna Nagar: Rs 400 per sq.ft (2024)
• Sri Ganapathy Nagar: Rs 400 per sq.ft (2024)
• Sri Vaari Nagar: Rs 400 per sq.ft (2024)
• Teja's The Retreat: Rs 300 per sq.ft (2024)
• SDN Agro Farms: Rs 400 per sq.ft (2024)
• Theruveedhiyamman Koil Street: Rs 150 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Mahaganapathy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value would be Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, totaling Rs 36,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Sri Mahaganapathy Nagar?

The Sub Registrar Office that covers Sri Mahaganapathy Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property in Kilay. It determines the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees. Buyers and sellers should be aware of the guideline value to avoid discrepancies during the registration process.

When purchasing property, the guideline value serves as a benchmark for the transaction. If the sale price is higher than the guideline value, the stamp duty is calculated based on the sale price. This ensures that both parties are paying the correct amount of duty based on the property's value.

Frequently asked questions

What is the current guideline value of Sri Mahaganapathy Nagar?

The current guideline value of Sri Mahaganapathy Nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 400 per sq.ft in 2012, then decreased to Rs 268 per sq.ft in 2017, and returned to Rs 400 per sq.ft in 2023 and 2024.

What is the land classification for Sri Mahaganapathy Nagar?

Sri Mahaganapathy Nagar is classified as Residential Special Type - I.

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

For a 1,000 sq.ft plot valued at Rs 4,00,000, the stamp duty would be Rs 28,000 and the registration fee would be Rs 8,000, totaling Rs 36,000.

Which office handles property registrations in this area?

The Sriperumpudur Sub Registrar Office handles property registrations for Sri Mahaganapathy Nagar, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.