Guideline Value for M.G.R Nagar

M.G.R Nagar guideline value

The current guideline value of M.G.R Nagar is Rs 100 per sq.ft, effective from 1 July 2024. This area is located in Pennaloor village, under the jurisdiction of the Sriperumpudur SRO, and is classified as Residential Class IV Type - I.

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

The guideline value for M.G.R Nagar has seen several revisions over the years. In 2012, the value was set at Rs 100 per sq.ft. This remained the same until the 2017 revision, where it decreased to Rs 67 per sq.ft, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49%, bringing it back up to Rs 100 per sq.ft. The most recent revision in 2024 has kept the guideline value unchanged at Rs 100 per sq.ft, resulting in a 0% change from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Pennaloor

In Pennaloor, there are 35 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 1,200 per sq.ft, with a median value of Rs 200 per sq.ft. The guideline value for M.G.R Nagar is below this median.

• MGR street: Rs 200 per sq.ft (2024)
• National Highway: Rs 1,200 per sq.ft (2024)
• Nehru Street: Rs 100 per sq.ft (2024)
• Kundrathur Avenue: Rs 400 per sq.ft (2024)
• Kulakkarai Street: Rs 100 per sq.ft (2024)
• KPS Nagar: Rs 400 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 100 per sq.ft, the total guideline value would be Rs 1,00,000. The stamp duty at 7% would amount to Rs 7,000, and the registration fee at 2% would be Rs 2,000, bringing the total fees to Rs 9,000. 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 more details.

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

The Sub Registrar Office that covers M.G.R Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Pennaloor. It is used to determine the amount of stamp duty and registration fees that must be paid when registering a property. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during the transaction process.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

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 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2012 to Rs 67 per sq.ft in 2017, then back to Rs 100 per sq.ft in 2023 and 2024, with a 49% increase from 2017 to 2023.

What are the guideline values of other streets in Pennaloor?

Other streets in Pennaloor have varying guideline values, ranging from Rs 100 to Rs 1,200 per sq.ft, with M.G.R Nagar being below the median value of Rs 200 per sq.ft.

Where is the Sub Registrar Office for M.G.R Nagar located?

The Sub Registrar Office for M.G.R Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at Rs 100 per sq.ft would incur a total guideline value of Rs 1,00,000, leading to a stamp duty of Rs 7,000.