Guideline Value for M.G. Nagar-VIII

M.G. Nagar-VIII guideline value

The current guideline value of M.G. Nagar-VIII, located in Adhanoor village under the Gooduvancheri SRO, is Rs 1,000 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of M.G. Nagar-VIII has changed

Over the years, the guideline value for M.G. Nagar-VIII has seen several revisions. The 2007 revision set the value at Rs 410 per sq.ft, which increased to Rs 1,000 per sq.ft in the 2012 revision. However, there was a decrease to Rs 670 per sq.ft in the 2017 revision, followed by a return to Rs 1,000 per sq.ft in the 2023 revision and remaining unchanged in the 2024 revision.

From 2017 to 2023, there was a significant increase of 49%. The overall change from the 2007 revision to the 2024 revision reflects a 144% increase. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Adhanoor

In Adhanoor, there are 169 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 670 to Rs 3,000 per sq.ft, with a median value of Rs 1,000 per sq.ft. The guideline value for M.G. Nagar-VIII aligns with this median.

• M.G. Nagar-VII: Rs 1,000 per sq.ft (2024)
• M.G. Nagar-VI,VIIA: Rs 1,000 per sq.ft (2024)
• M.G. Nagar-V: Rs 1,000 per sq.ft (2024)
• M.G. Nagar-X: Rs 1,000 per sq.ft (2024)
• M.G. Nagar-XI: Rs 1,000 per sq.ft (2024)
• M.G. Nagar-XII: Rs 1,000 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,000 per sq.ft, the total guideline value would be Rs 10,00,000. The stamp duty at 7% would amount to Rs 70,000, and the registration fee at 2% would be Rs 20,000, leading to a total of Rs 90,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.G. Nagar-VIII?

The Sub Registrar Office covering M.G. Nagar-VIII is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. For more information, you can find your SRO.

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

The guideline value plays a critical role during the registration of property transactions in Adhanoor. When buying or selling property, the guideline value is used to assess the applicable stamp duty and registration fees, ensuring that both parties are aware of the financial obligations involved in the transaction.

It is essential for buyers and sellers to be informed about the guideline value, as it can influence the final sale price and the overall costs associated with the property transfer. Understanding the guideline value helps in making informed decisions during the buying or selling process.

Frequently asked questions

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

The current guideline value of M.G. Nagar-VIII is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revisions being Rs 1,000 per sq.ft in 2023 and 2024, compared to Rs 670 per sq.ft in 2017 and Rs 410 per sq.ft in 2007.

What is the land classification for M.G. Nagar-VIII?

The land classification for M.G. Nagar-VIII is Residential Special Type - I.

Where can I find the Sub Registrar Office for M.G. Nagar-VIII?

The Sub Registrar Office for M.G. Nagar-VIII is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is stamp duty calculated for properties in M.G. Nagar-VIII?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 10,00,000, the stamp duty at 7% would be Rs 70,000.