Guideline Value for M.G.R Nagar (ward 3)

M.G.R Nagar (ward 3) guideline value

The current guideline value of M.G.R Nagar (ward 3) is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Kolapakkam village, under the Pammal SRO, and is classified as Residential Class IV Type - I.

How the guideline value of M.G.R Nagar (ward 3) has changed

Over the years, the guideline value of M.G.R Nagar (ward 3) 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. The latest revision in 2024 has further raised this value to Rs 1,650 per sq.ft, marking a 10% increase from the previous year. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

From 2017 to 2023, the guideline value increased by 49%, and overall, from 2017 to 2024, there has been a total increase of 64%. These changes reflect the evolving landscape of property values in the area.

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. The median guideline value for these streets is Rs 2,200 per sq.ft, placing M.G.R Nagar (ward 3) below this median.

• M.G.R Nagar (ward 1): 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 3)

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, while the registration fee at 2% would be Rs 33,000, bringing the total fees to Rs 1,48,500. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.G.R Nagar (ward 3)?

The Sub Registrar Office that covers M.G.R Nagar (ward 3) 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 details.

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

The guideline value serves as a benchmark for property transactions in Kolapakkam. When buying or selling property, this value is crucial for determining the stamp duty and registration fees applicable during the registration process.

It is essential for buyers and sellers to be aware of the guideline value as it affects the overall cost of property transactions. Ensuring compliance with the guideline value can help avoid legal issues during the registration of property.

Frequently asked questions

What is the current guideline value of M.G.R Nagar (ward 3)?

The current guideline value of M.G.R Nagar (ward 3) is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years in M.G.R Nagar (ward 3)?

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 total increase of 64% over this period.

What other streets have guideline values in Kolapakkam?

In Kolapakkam, other streets include M.G.R Nagar (ward 1) at Rs 1,650 per sq.ft, M.R.K Nagar at Rs 2,200 per sq.ft, and Mayor Radha Krishnan Nagar at Rs 2,750 per sq.ft, among others.

How is stamp duty calculated for properties in M.G.R Nagar (ward 3)?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a stamp duty of Rs 1,15,500 based on the current guideline value.

Where is the Sub Registrar Office for M.G.R Nagar (ward 3) located?

The Pammal Sub Registrar Office, which covers M.G.R Nagar (ward 3), is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.