Guideline Value for M.G.R Nagar

M.G.R Nagar guideline value

The current guideline value of M.G.R Nagar, located in Vedapalayam village under the Uthiramerur SRO, is Rs 400 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

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

Over the years, the guideline value of M.G.R Nagar has seen several revisions. The earliest recorded figure is from 2007, where the value was Rs 115 per sq.ft. This increased significantly to Rs 400 per sq.ft in 2012. However, it then dropped to Rs 268 per sq.ft in 2017. The 2023 revision maintained the value at Rs 400 per sq.ft, which remains unchanged in the 2024 revision.

From 2017 to 2023, there was a notable increase of 49%. The overall change from the 2007 figure to the current 2024 figure reflects a substantial increase of 248%. It is important to note that there are no registered figures for M.G.R Nagar in 2002 and 2003.

Guideline values in Vedapalayam

Vedapalayam village has 29 streets under the Uthiramerur SRO with a 2024 guideline value ranging from Rs 200 to Rs 900 per sq.ft. The median value is Rs 400 per sq.ft, which aligns with the guideline value of M.G.R Nagar.

• Muthu Krishna Avenu: Rs 400 per sq.ft (2024)
• Mannan Kodisai 3st Street: Rs 300 per sq.ft (2024)
• Mannan Kodisai 2st Street: Rs 300 per sq.ft (2024)
• Mannan Kodisai 1st Street: Rs 300 per sq.ft (2024)
• Narasima Nagar: Rs 400 per sq.ft (2024)
• New Selva Seeman Extension: Rs 600 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 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty, charged at 7%, would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, making the total cost for these fees Rs 36,000. 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 detailed calculations.

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

The Sub Registrar Office that covers M.G.R Nagar is the Uthiramerur Sub Registrar Office, located at No.16, Sundara Vardharaja Perumal Koil Sannathi Street, Uthiramerur- 603406, Chengalpattu registration zone.

To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Vedapalayam. It determines the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duty are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, the guideline value ensures that the transaction is recorded at a fair price, reflecting the area's market conditions. This value is regularly updated to align with changes in the real estate market, ensuring transparency and accuracy in property dealings.

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 115 per sq.ft in 2007 to Rs 400 per sq.ft in 2012, then decreased to Rs 268 per sq.ft in 2017, and remained at Rs 400 per sq.ft in 2023 and 2024.

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

The land classification for M.G.R Nagar is Residential Class I Type - I.

Where can I find the Uthiramerur Sub Registrar Office?

The Uthiramerur Sub Registrar Office is located at No.16, Sundara Vardharaja Perumal Koil Sannathi Street, Uthiramerur- 603406, Chengalpattu registration zone.

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

Stamp duty in M.G.R Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 4,00,000, the stamp duty would be Rs 28,000.