Guideline Value for M G Nagar Main

M G Nagar Main guideline value

The current guideline value of M G Nagar Main in Ullagaram village, under the Alandur SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - III land classification.

How the guideline value of M G Nagar Main has changed

The guideline value for M G Nagar Main has seen several revisions over the years. In 2003, the value was Rs 258 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in 2007. This was followed by a remarkable rise to Rs 3,500 per sq.ft in 2012. However, the value dropped to Rs 2,345 per sq.ft in 2017, before climbing to Rs 3,500 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 3,900 per sq.ft.

Between the revisions, the changes were notable. From 2003 to 2007, the guideline value increased by 365%. The value then rose by 192% from 2007 to 2012, but saw a decrease of 33% from 2012 to 2017. After that, it increased by 49% from 2017 to 2023, and finally, there was an 11% increase from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 1412%.

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, with a median value of Rs 2,800 per sq.ft. M G Nagar Main's 2024 figure is above this median.

• M.G. Nagar Main Road: Rs 3,900 per sq.ft (2024)
• M G Nagar 2nd Cross Street: Rs 3,900 per sq.ft (2024)
• M G Nagar 1st Cross Street: Rs 3,900 per sq.ft (2024)
• M G R Cross Street: Rs 3,900 per sq.ft (2024)
• M G R Street Main: Rs 3,900 per sq.ft (2024)
• Mekmillan Colony Main: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in M G Nagar Main

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to 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 higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M G Nagar Main?

The M G Nagar Main area is covered by 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 details.

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

The guideline value plays a crucial role during the registration of property transactions. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property in Ullagaram.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of M G Nagar Main?

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

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 258 per sq.ft in 2003 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 1412% over the years.

What is the land classification for M G Nagar Main?

M G Nagar Main is classified as Residential Class I Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for a property in M G Nagar Main?

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Which office handles registrations for M G Nagar Main?

The Alandur Sub Registrar Office handles registrations for M G Nagar Main, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.