Guideline Value for M.G.R Nagar (ward 1)

M.G.R Nagar (ward 1) guideline value

The current guideline value of M.G.R Nagar (ward 1) is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Kolapakkam village and falls under the Pammal SRO. The land classification for this street is Residential Class IV Type - I.

How the guideline value of M.G.R Nagar (ward 1) has changed

Over the years, the guideline value of M.G.R Nagar (ward 1) has seen significant changes. The 2017 revision recorded a guideline value of Rs 1,005 per sq.ft, which increased to Rs 1,500 per sq.ft in the 2023 revision, marking a 49% increase. The latest revision in 2024 has further raised the guideline value to Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Kolapakkam

In Kolapakkam, there are 111 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 6,850 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for M.G.R Nagar (ward 1) is below this median.

• M.G.R Nagar (ward 3): Rs 1,650 per sq.ft (2024)
• M.R.K Nagar: Rs 2,200 per sq.ft (2024)
• Mayor Radha Krishnan Nagar: Rs 2,750 per sq.ft (2024)
• Max Worth Nagar (ward 9): Rs 3,290 per sq.ft (2024)
• Maxworth Nagar Phase III: Rs 3,290 per sq.ft (2024)
• Maxworth Nagar Phase II: Rs 3,290 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R Nagar (ward 1)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.G.R Nagar (ward 1)?

The Sub Registrar Office that covers M.G.R Nagar (ward 1) is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kolapakkam. It serves as a benchmark for determining the value of the property for taxation purposes and helps in calculating the stamp duty and registration fees applicable during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable charges. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of M.G.R Nagar (ward 1)?

The current guideline value of M.G.R Nagar (ward 1) is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,005 per sq.ft in 2017 to Rs 1,650 per sq.ft in 2024, marking a 64% increase overall. The value increased by 49% from 2017 to 2023 and by 10% from 2023 to 2024.

What is the land classification for M.G.R Nagar (ward 1)?

The land classification for M.G.R Nagar (ward 1) is Residential Class IV Type - I, indicating its zoning for residential purposes.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How is stamp duty calculated in M.G.R Nagar (ward 1)?

Stamp duty in M.G.R Nagar (ward 1) is calculated at 7% of the higher value between the guideline value and the sale price. Additionally, there is a registration fee of 2% on the same value.