Guideline Value for M.G.R Nagar, 7th Street,

M.G.R Nagar, 7th Street, guideline value

The current guideline value of M.G.R Nagar, 7th Street is Rs 1,980 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Residential Class II Type - II.

How the guideline value of M.G.R Nagar, 7th Street, has changed

The guideline value for M.G.R Nagar, 7th Street has undergone several revisions. The earliest recorded revision is from 2017, which set the value at Rs 1,206 per sq.ft. This was followed by an increase to Rs 1,800 per sq.ft in 2023, marking a 49% rise from the 2017 figure. The most recent revision in 2024 has further increased the guideline value to Rs 1,980 per sq.ft, reflecting a 10% increase from the previous year.

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

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with guideline values ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value in this area is Rs 2,090 per sq.ft, indicating that M.G.R Nagar, 7th Street's 2024 figure is below this median.

• M.G.R Nagar, 6th 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, 4th 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, 2nd Street: Rs 1,980 per sq.ft (2024)
• M.G.R Nagar, 1st Street: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R Nagar, 7th 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, these fees would total 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.

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

Which Sub Registrar Office covers M.G.R Nagar, 7th Street,?

The Sub Registrar Office that covers M.G.R Nagar, 7th 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 information.

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

The guideline value is a critical factor in the registration process of property transactions in Pammal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable fees, which are based on either the guideline value or the sale price, whichever is higher. This process helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of M.G.R Nagar, 7th Street?

The current guideline value of M.G.R Nagar, 7th 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 then to Rs 1,980 per sq.ft in 2024. This represents a total increase of 64% from 2017 to 2024.

What is the land classification for M.G.R Nagar, 7th Street?

The land classification for M.G.R Nagar, 7th Street is Residential Class II Type - II.

Where is the Pammal Sub Registrar Office located?

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

How are stamp duty and registration fees calculated?

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 the current rate, the total guideline value is Rs 19,80,000, leading to specific fees based on this amount.