Guideline Value for M.G. Samy Nagar

M.G. Samy Nagar guideline value

The current guideline value of M.G. Samy Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Virugambakkam village and falls under the jurisdiction of the Virugambakkam SRO. The land classification for this street is Residential Class III Type - II.

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

The guideline value for M.G. Samy Nagar has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 385 per sq.ft. This value increased to Rs 427 per sq.ft in 2003, marking an 11% rise. By 2007, the guideline value had significantly increased to Rs 750 per sq.ft, reflecting a 76% increase. However, in 2012, it experienced a decline to Rs 3,500 per sq.ft, a decrease of 33%. The value remained the same in the 2012 revision. In 2017, the guideline value rose to Rs 2,345 per sq.ft, which was a 49% increase from the previous revision. The most recent revision in 2023 set the value at Rs 3,500 per sq.ft, and the latest figure for 2024 is Rs 3,850 per sq.ft, marking a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 900%. Notably, there are no figures available for the revisions between 2012 and 2017 for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing M.G. Samy Nagar's 2024 figure below that median.

• Meenatchi Nagar: Rs 3,300 per sq.ft (2024)
• Munusamy Road ( Near Prasad Colour Lab): Rs 8,800 per sq.ft (2024)
• Munuswamy Street (S.No 38): Rs 4,400 per sq.ft (2024)
• Murugesan Street: Rs 3,850 per sq.ft (2024)
• Mariyamman Koil Street: Rs 3,850 per sq.ft (2024)
• Mariyamman Koil Cross Street: Rs 3,850 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty, charged at 7%, would be Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, the total cost for stamp duty and registration fee would be Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.G. Samy Nagar?

The Sub Registrar Office covering M.G. Samy Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is assessed to ensure that the correct fees are calculated based on the higher of the guideline value or the sale price. This ensures compliance with the regulations set by the Registration Department.

Frequently asked questions

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

The current guideline value of M.G. Samy Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 385 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 900% over this period.

What is the role of the Virugambakkam SRO?

The Virugambakkam SRO is responsible for maintaining the guideline values and overseeing property registrations in Virugambakkam village, including M.G. Samy Nagar.

How is the stamp duty calculated for properties in M.G. Samy Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, along with a registration fee of 2% of the guideline value.

Where can I find more information about the registration office?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. More information can be found through the provided links.