Guideline Value for M.G. Nagar-VII

M.G. Nagar-VII guideline value

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

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

The guideline value for M.G. Nagar-VII has seen several revisions over the years. In 2007, the value was Rs 320 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2012, marking a 213% rise. However, from 2012 to 2017, the value decreased to Rs 670 per sq.ft, a drop of 33%. The value then rose again to Rs 1,000 per sq.ft in 2023, remaining unchanged in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 213%. 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 with a 2024 guideline value ranging from Rs 670 to Rs 3,000 per sq.ft. The median value is Rs 1,000 per sq.ft, which is also the guideline value for M.G. Nagar-VII.

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

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

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

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

The M.G. Nagar-VII area is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Adhanoor. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to consider the guideline value as it directly impacts the financial obligations of the buyer. The registration office uses this value to calculate the applicable taxes and fees based on the higher of the guideline value or the sale price.

Frequently asked questions

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

The current guideline value of M.G. Nagar-VII 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 from Rs 320 per sq.ft in 2007 to Rs 1,000 per sq.ft in 2012, then decreased to Rs 670 per sq.ft in 2017, and increased to Rs 1,000 per sq.ft in 2023 and 2024, showing a significant overall increase.

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

M.G. Nagar-VII is classified as Residential Special Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 10,00,000, the stamp duty would be Rs 70,000 and the registration fee would be Rs 20,000, totaling Rs 90,000.

Where can I find the Gooduvancheri Sub Registrar Office?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.