Guideline Value for M.G.R. Avenue (Banu Nagar)

M.G.R. Avenue (Banu Nagar) guideline value

The current guideline value of M.G.R. Avenue (Banu Nagar) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Oragadam village, under the Ambattur SRO, and is classified as Residential Special Type - II.

How the guideline value of M.G.R. Avenue (Banu Nagar) has changed

The guideline value of M.G.R. Avenue (Banu Nagar) has seen several revisions over the years. In 2003, the guideline value was Rs 192 per sq.ft. This increased significantly to Rs 605 per sq.ft in 2007, marking a rise of 215%. The value then jumped to Rs 2,000 per sq.ft in 2012, an increase of 231%. However, it decreased to Rs 1,340 per sq.ft in 2017, reflecting a decline of 33%. From 2017 to 2023, the guideline value rose to Rs 2,000 per sq.ft, a notable increase of 49%. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

The register has no figure for the year 2002 for this street.

Guideline values in Oragadam

In Oragadam, there are 596 streets under the Ambattur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which is equal to the current guideline value of M.G.R. Avenue (Banu Nagar).

• Mettu Street (Lakshmiamman Nagar): Rs 2,200 per sq.ft (2024)
• Mettu Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Street (A.K.A. Nagar): Rs 1,600 per sq.ft (2024)
• M.G.R.Street (Gandhi Nagar Part): Rs 1,800 per sq.ft (2024)
• M.G.R. Street (Pudur): Rs 1,900 per sq.ft (2024)
• M.G.R. Street (V.L.Puram): Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Avenue (Banu Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making a total of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your own fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.G.R. Avenue (Banu Nagar)?

The Sub Registrar Office that covers M.G.R. Avenue (Banu Nagar) is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Oragadam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. 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. Avenue (Banu Nagar)?

The current guideline value of M.G.R. Avenue (Banu Nagar) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 192 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1046%.

What is the land classification for M.G.R. Avenue (Banu Nagar)?

The land classification for M.G.R. Avenue (Banu Nagar) is Residential Special Type - II.

Where can I find the Ambattur Sub Registrar Office?

The Ambattur Sub Registrar Office is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at a rate of 7%.