Guideline Value for M.G.M. NAGAR

M.G.M. Nagar guideline value

The current guideline value of M.G.M. Nagar is Rs 200 per sq.ft, effective from 1 July 2024. This area is located in Vannipakkam village under the Ponneri SRO, and it falls under the Residential Class II Type - I land classification.

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

Since the 2012 revision, the guideline value for M.G.M. Nagar has seen several changes. In 2012, the value was Rs 200 per sq.ft, which then dropped to Rs 134 per sq.ft in 2017. Following this, the value increased by 49% to Rs 200 per sq.ft in the 2023 revision, and it remained the same in the 2024 revision, showing no change from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

Overall, from 2012 to 2024, the guideline value has remained at Rs 200 per sq.ft, indicating stability in the valuation after the fluctuations observed in earlier years. The 2023 to 2024 revision recorded no change, maintaining the guideline value at Rs 200 per sq.ft.

Guideline values in Vannipakkam

In Vannipakkam, there are seven streets under the Ponneri SRO that carry a guideline value for 2024, ranging from Rs 200 to Rs 250 per sq.ft. The median guideline value for these streets is Rs 200 per sq.ft, placing M.G.M. Nagar at this median value.

• M.N.Garden Phase I: Rs 250 per sq.ft (2024)
• M.N.Garden Phase II: Rs 250 per sq.ft (2024)
• Mallikai Nagar: Rs 200 per sq.ft (2024)
• Sri Bhavani Nagar: Rs 200 per sq.ft (2024)
• Sri Mugambigai Nagar: Rs 200 per sq.ft (2024)
• Srinivasapuram: Rs 200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 200 per sq.ft, the guideline value amounts to Rs 2,00,000. The stamp duty is charged at 7%, which totals Rs 14,000, and the registration fee is at 2%, amounting to Rs 4,000. Together, the total cost for stamp duty and registration fees comes to Rs 18,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office that covers M.G.M. Nagar is the Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vannipakkam. It is used to determine the stamp duty and registration fees, ensuring that these costs are calculated based on a standardized value set by the authorities.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the registration reflects the true value of the transaction, providing a fair basis for taxation.

Frequently asked questions

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

The current guideline value of M.G.M. Nagar is Rs 200 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 2012 to Rs 134 per sq.ft in 2017, then back to Rs 200 per sq.ft in 2023 and 2024. There are no figures for the years 2002, 2003, and 2007 for this street.

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

M.G.M. Nagar is classified under Residential Class II Type - I, indicating its use for residential purposes.

Where can I find the Ponneri Sub Registrar Office?

The Ponneri Sub Registrar Office is located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. This office handles the registration of properties in M.G.M. Nagar.

How are stamp duty and registration fees calculated in M.G.M. Nagar?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 200 per sq.ft, the total fees amount to Rs 18,000.