Guideline Value for M.G. Nagar

M.G. Nagar guideline value

The current guideline value of M.G. Nagar, located in Chendrampakkam village, is Rs 385 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Redhills SRO and is classified as Residential Class I Type - I.

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

The guideline value for M.G. Nagar has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 34 per sq.ft. It increased significantly to Rs 300 per sq.ft in 2007, followed by a rise to Rs 350 per sq.ft in 2012. However, in the 2017 revision, the value decreased to Rs 234 per sq.ft. The 2023 revision brought it back up to Rs 350 per sq.ft, and the most recent 2024 revision set it at Rs 385 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1032%. Notably, there is no figure available for M.G. Nagar in the 2002 revision.

Guideline values in Chendrampakkam

In Chendrampakkam, there are 13 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 165 to Rs 385 per sq.ft, with a median value of Rs 275 per sq.ft. M.G. Nagar's 2024 guideline value of Rs 385 per sq.ft is above this median.

• Lakshmi Nagar: Rs 385 per sq.ft (2024)
• Pathmavathi Nagar: Rs 385 per sq.ft (2024)
• Kamarajar Nagar: Rs 165 per sq.ft (2024)
• Kamala Nagar: Rs 385 per sq.ft (2024)
• Raj Nagar: Rs 385 per sq.ft (2024)
• R.V. Krishnan Chettiyar Nagar: Rs 275 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 385 per sq.ft, the total guideline value amounts to Rs 3,85,000. The stamp duty at 7% would be Rs 26,950, and the registration fee at 2% would be Rs 7,700, totaling Rs 34,650. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers M.G. Nagar?

The Sub Registrar Office covering M.G. Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor during property registration in Chendrampakkam. It serves as a benchmark for determining the minimum price at which a property can be sold or purchased, ensuring that the transaction is recorded accurately in the official register.

When you buy or sell property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction.

Frequently asked questions

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

The current guideline value of M.G. Nagar is Rs 385 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 34 per sq.ft in 2003 to Rs 385 per sq.ft in 2024, reflecting an overall increase of 1032% over this period.

What is the role of the guideline value in property transactions?

The guideline value serves as a benchmark for property transactions, determining the minimum price for buying or selling properties and helping calculate stamp duty and registration fees.

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

The Sub Registrar Office for M.G. Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

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

For a 1,000 sq.ft plot at the guideline value of Rs 385 per sq.ft, the total stamp duty would be Rs 26,950, and the registration fee would be Rs 7,700, amounting to a total of Rs 34,650.