Guideline Value for Sri Mugambigai Nagar

Sri Mugambigai Nagar guideline value

The current guideline value of Sri Mugambigai Nagar in Kudalur village is Rs 100 per sq.ft, effective from 1 July 2024. This area falls under the Madurandakam SRO and is classified as Residential Class I Type - I.

How the guideline value of Sri Mugambigai Nagar has changed

The guideline value for Sri Mugambigai Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 20 per sq.ft, which increased to Rs 70 per sq.ft in 2012. However, this value decreased by 33% to Rs 47 per sq.ft in the 2017 revision. The 2023 revision maintained the value at Rs 100 per sq.ft, and this same rate continues into the 2024 revision, showing no change from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 400%. The 2024 and 2023 revisions both reflect a consistent value of Rs 100 per sq.ft, while the earlier revisions show significant fluctuations in the guideline value.

Guideline values in Kudalur

In Kudalur, there are 10 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 299 per sq.ft. The median value for these streets is Rs 100 per sq.ft, which is the same as the guideline value for Sri Mugambigai Nagar.

• Srinivasa Nagar: Rs 100 per sq.ft (2024)
• Thirumalai Nagar: Rs 100 per sq.ft (2024)
• Sasi Nagar: Rs 100 per sq.ft (2024)
• Rasi Nagar Phase-II: Rs 111 per sq.ft (2024)
• Rallys Nagar: Rs 100 per sq.ft (2024)
• Madan City: Rs 100 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 100 per sq.ft, the total guideline value amounts to Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, and the registration fee at 2% would be Rs 2,000, making the total cost for these fees Rs 9,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sri Mugambigai Nagar?

The Sub Registrar Office that covers Sri Mugambigai Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Kudalur. It serves as the minimum value for which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps determine the applicable fees. Buyers should be aware that the fees are calculated based on the higher value between the guideline value and the actual sale price.

Frequently asked questions

What is the current guideline value of Sri Mugambigai Nagar?

The current guideline value of Sri Mugambigai Nagar is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 20 per sq.ft in 2007 to Rs 100 per sq.ft in 2024, reflecting an overall increase of 400% over the years.

What is the land classification of Sri Mugambigai Nagar?

Sri Mugambigai Nagar is classified as Residential Class I Type - I.

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

The Madurandakam Sub Registrar Office covers Sri Mugambigai Nagar, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value or sale price.