Guideline Value for M.G. Nagar-XVII

M.G. Nagar-XVII guideline value

The current guideline value of M.G. Nagar-XVII in Adhanoor village is Rs 1,000 per sq.ft, effective from 1 July 2024. This area falls under the Gooduvancheri SRO and is classified as Residential Special Type - I.

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

The guideline value for M.G. Nagar-XVII has seen several revisions over the years. The earliest recorded revision was in 2007, where the value was Rs 200 per sq.ft. This increased to Rs 1,000 per sq.ft in 2012, marking a significant rise of 400%. However, from 2012 to 2017, the value decreased by 33% to Rs 670 per sq.ft. The subsequent revisions saw an increase to Rs 1,000 per sq.ft in 2023, which remained unchanged in the 2024 revision.

From 2017 to 2023, the value increased by 49%. The overall change from the 2007 revision to the current 2024 revision shows a total increase of 400%. 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. M.G. Nagar-XVII's guideline value aligns with this median.

• M.G. Nagar-XVI: Rs 1,000 per sq.ft (2024)
• M.G. Nagar-XV: Rs 1,000 per sq.ft (2024)
• M.G. Nagar-XIV: Rs 1,000 per sq.ft (2024)
• M.G. Nagar-XIII: Rs 1,000 per sq.ft (2024)
• M.G. Nagar-XIIA: 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-XVII

For a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, bringing the total fees to Rs 90,000. It is essential to note that 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-XVII?

The M.G. Nagar-XVII area is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Adhanoor. It helps determine the stamp duty and registration fees applicable on the property transaction. Buyers and sellers must be aware of this value to ensure compliance with local regulations.

When purchasing a property, the guideline value serves as a benchmark for calculating the taxes owed. It is essential for both parties to understand that the final fees are based on either the guideline value or the sale price, whichever is higher.

Frequently asked questions

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

The current guideline value of M.G. Nagar-XVII 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 200 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 finally returned to Rs 1,000 per sq.ft in 2023 and 2024.

What is the land classification of M.G. Nagar-XVII?

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

What are the stamp duty rates applicable in M.G. Nagar-XVII?

The stamp duty rate applicable in M.G. Nagar-XVII is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Gooduvancheri Sub Registrar Office located?

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