Guideline Value for M .G. R NAGAR

M .G. R Nagar guideline value

The current guideline value of M .G. R Nagar, located in Nanthiambakkam village under the Thiruvottiyur SRO, is Rs 330 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of M .G. R Nagar has changed

The guideline value for M .G. R Nagar has undergone several revisions over the years. The earliest recorded figure is from 2003, which was Rs 37 per sq.ft. This increased to Rs 50 per sq.ft in 2007, followed by a significant jump to Rs 300 per sq.ft in 2012. However, in 2017, the value decreased to Rs 201 per sq.ft. The most recent revisions show an increase to Rs 300 per sq.ft in 2023 and then to Rs 330 per sq.ft in 2024, marking a 10% increase from the previous year.

In summary, the changes between revisions are as follows: from 2003 to 2007, the value increased by 35%; from 2007 to 2012, it rose by 500%; then it decreased by 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, culminating in an overall increase of 792% from 2003 to 2024.

Guideline values in Nanthiambakkam

In Nanthiambakkam, there are 85 streets under the Thiruvottiyur SRO with a 2024 guideline value ranging from Rs 275 to Rs 770 per sq.ft. The median value is Rs 330 per sq.ft, which is equal to the 2024 figure for M .G. R Nagar.

• M.J.Muthusubramani Nagar: Rs 627 per sq.ft (2024)
• M.C. Nagar: Rs 385 per sq.ft (2024)
• Maruthar Nagar: Rs 330 per sq.ft (2024)
• MARIAMMAN NAGAR/ All EXTN: Rs 330 per sq.ft (2024)
• Murugan Koil Street: Rs 330 per sq.ft (2024)
• Mahaveer Nagar: Rs 330 per sq.ft (2024)

Stamp duty and registration fee for property in M .G. R Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 330 per sq.ft, the total guideline value would be Rs 3,30,000. The stamp duty at 7% would amount to Rs 23,100, while the registration fee at 2% would be Rs 6,600. Together, the total cost for these fees would be Rs 29,700. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers M .G. R Nagar?

The Sub Registrar Office that covers M .G. R Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Nanthiambakkam, as it determines the minimum value at which a property can be sold or registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

During the registration process, the guideline value is used to calculate stamp duty and registration fees, which are essential costs associated with property transactions. This ensures that all transactions are conducted fairly and transparently according to the established property values.

Frequently asked questions

What is the current guideline value of M .G. R Nagar?

The current guideline value of M .G. R Nagar is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 37 per sq.ft in 2003 to Rs 330 per sq.ft in 2024, with several revisions in between. The most notable changes include a 500% increase from 2007 to 2012 and a 49% increase from 2017 to 2023.

What is the median guideline value in Nanthiambakkam?

The median guideline value in Nanthiambakkam is Rs 330 per sq.ft, which is the same as the current value for M .G. R Nagar.

What are the stamp duty rates for property in M .G. R Nagar?

The stamp duty rate for property in M .G. R Nagar is 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2%.

Where is the Sub Registrar Office for M .G. R Nagar located?

The Sub Registrar Office for M .G. R Nagar is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.