Guideline Value for M.G.R Nagar

M.G.R Nagar guideline value

The current guideline value of M.G.R Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024. This area is located in Selaiyur village under the Selaiyur SRO and is classified as Residential Special Type - I.

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

The guideline value for M.G.R Nagar has undergone several revisions over the years. The earliest recorded revision was in 2007, where the value was Rs 850 per sq.ft. This increased significantly to Rs 2,700 per sq.ft in 2012, marking a growth of 218%. However, the value then decreased to Rs 1,809 per sq.ft in 2017, a drop of 33%. The value saw a substantial increase to Rs 2,700 per sq.ft in 2023, followed by a further rise to Rs 2,900 per sq.ft in 2024, representing a 7% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has risen by 241%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Selaiyur

In Selaiyur village, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, placing M.G.R Nagar's 2024 figure above this median.

• M.G.R Nagar Nethaji Street: Rs 1,400 per sq.ft (2024)
• M.G.R Street: Rs 1,400 per sq.ft (2024)
• MES Colony: Rs 950 per sq.ft (2024)
• Mohan Street: Rs 2,200 per sq.ft (2024)
• Moovar Street: Rs 2,200 per sq.ft (2024)
• Mayanapuram 5th Street: Rs 2,900 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value would be Rs 29,00,000. The stamp duty at 7% would amount to Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, bringing the total cost to Rs 2,61,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

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

M.G.R Nagar falls under the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Selaiyur

The guideline value is essential during the registration process of property transactions. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the official valuation rather than the sale price alone.

Frequently asked questions

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

The current guideline value of M.G.R Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 850 per sq.ft in 2007 to Rs 2,900 per sq.ft in 2024, marking an overall increase of 241% over the years.

What is the land classification of M.G.R Nagar?

M.G.R Nagar is classified as Residential Special Type - I, which influences its guideline value and potential uses.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated in M.G.R Nagar?

Stamp duty in M.G.R Nagar is calculated at 7% of the higher of the guideline value or the sale price. For example, for a plot valued at Rs 29,00,000, the stamp duty would be Rs 2,03,000.