Guideline Value for M G Nagar 1st Cross Street

M G Nagar 1st Cross Street guideline value

The current guideline value of M G Nagar 1st Cross Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Ullagaram village, under the Alandur SRO, and is classified as Residential Class I Type - III.

How the guideline value of M G Nagar 1st Cross Street has changed

The guideline value for M G Nagar 1st Cross Street has seen several revisions over the years. In 2002, the guideline value was Rs 206 per sq.ft. This increased to Rs 231 per sq.ft in 2003, marking a 12% rise. The value then experienced a substantial increase to Rs 1,200 per sq.ft in 2007, reflecting a 419% change. Following this, the value decreased to Rs 3,500 per sq.ft in 2012, a drop of 33%. The next revision in 2017 saw the value rise again to Rs 2,345 per sq.ft, which was a 49% increase. In 2023, the value further increased to Rs 3,500 per sq.ft, before reaching the current value of Rs 3,900 per sq.ft in 2024, which represents an 11% increase.

There are no figures available for the revisions in the years not listed for this street. Overall, from 2002 to 2024, the guideline value has increased by 1,793%.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,800 per sq.ft, placing M G Nagar 1st Cross Street's 2024 figure above that median.

• M G Nagar 2nd Cross Street: Rs 3,900 per sq.ft (2024)
• M G Nagar Main: Rs 3,900 per sq.ft (2024)
• M.G. Nagar Main Road: Rs 3,900 per sq.ft (2024)
• M G R Cross Street: Rs 3,900 per sq.ft (2024)
• Mekmillan Colony Main: Rs 3,900 per sq.ft (2024)
• Mekmillan Colony 5th Cross Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in M G Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total fees to Rs 3,51,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M G Nagar 1st Cross Street?

The Sub Registrar Office that covers M G Nagar 1st Cross Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Ullagaram. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property in the area.

When a property is sold, the guideline value is used to calculate the stamp duty based on the higher value between the guideline value and the actual sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of M G Nagar 1st Cross Street?

The current guideline value of M G Nagar 1st Cross Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly over the years, from Rs 206 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 1,793%.

What is the land classification for M G Nagar 1st Cross Street?

M G Nagar 1st Cross Street is classified as Residential Class I Type - III.

Where can I find the registration office for M G Nagar 1st Cross Street?

The registration office for M G Nagar 1st Cross Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in M G Nagar 1st Cross Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 at a rate of 7%.