Guideline Value for M.G.R Nagar, 2nd Street

M.G.R Nagar, 2nd Street guideline value

The current guideline value of M.G.R Nagar, 2nd Street is Rs 1,980 per sq.ft, effective from 1 July 2024. This street is located in Pammal village and falls under the Pammal SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of M.G.R Nagar, 2nd Street has changed

Looking at the historical guideline values, the 2017 revision recorded a value of Rs 1,206 per sq.ft. This increased significantly to Rs 1,800 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has set the value at Rs 1,980 per sq.ft, which is 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 Pammal

Pammal village has a total of 926 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, placing M.G.R Nagar, 2nd Street's value below this median.

• M.G.R Nagar, 1st Street: Rs 1,980 per sq.ft (2024)
• M.G.R Nagar, 3rd Street: Rs 1,980 per sq.ft (2024)
• M.G.R Nagar, 4th Street: Rs 1,980 per sq.ft (2024)
• M.G.R Nagar, 5th Street: Rs 1,980 per sq.ft (2024)
• M.G.R Nagar, 6th Street: Rs 1,980 per sq.ft (2024)
• M.G.R Nagar, 7th Street: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R Nagar, 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value would be Rs 19,80,000. The stamp duty at 7% would amount to Rs 1,38,600, and the registration fee at 2% would be Rs 39,600. Together, the total cost for these fees would be Rs 1,78,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers M.G.R Nagar, 2nd Street?

The Sub Registrar Office that covers M.G.R Nagar, 2nd Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone.

You can find your SRO for more details.

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

The guideline value is an essential factor in the registration of property transactions in Pammal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

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 duties and fees. 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, 2nd Street?

The current guideline value of M.G.R Nagar, 2nd Street is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,206 per sq.ft in 2017 to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,980 per sq.ft in 2024. This represents an overall increase of 64% from 2017 to 2024.

What is the median guideline value for streets in Pammal?

The median guideline value for streets in Pammal is Rs 2,090 per sq.ft. M.G.R Nagar, 2nd Street's current value is below this median.

What fees are associated with property transactions in M.G.R Nagar, 2nd Street?

The fees associated with property transactions include a stamp duty of 7% and a registration fee of 2% based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for M.G.R Nagar, 2nd Street?

The Sub Registrar Office for M.G.R Nagar, 2nd Street is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone.