Guideline Value for M.G.R. NAGAR 1ST STREET

M.G.R. Nagar 1st Street guideline value

The current guideline value of M.G.R. Nagar 1st Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of M.G.R. Nagar 1st Street has changed

The guideline value for M.G.R. Nagar 1st Street has seen several revisions over the years. In 2012, the value was Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023, and then rose again to Rs 1,320 per sq.ft in the 2024 revision. The register has no figure for this street in 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a notable increase of 49%. The overall change from 2012 to 2024 is an increase of 10%, reflecting the current guideline value of Rs 1,320 per sq.ft.

Guideline values in Pallikaranai

Pallikaranai has 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft as of 2024. The median guideline value in this area is Rs 1,650 per sq.ft, making the current value of M.G.R. Nagar 1st Street below this median.

• M.G.R. Nagar 2nd Street: Rs 1,320 per sq.ft (2024)
• M.G.R. Nagar: Rs 1,320 per sq.ft (2024)
• M.G.R. Nagar 3rd Street: Rs 1,320 per sq.ft (2024)
• M.G.R. Nagar 4th Street: Rs 1,320 per sq.ft (2024)
• M.G.R. Nagar 5th Street: Rs 1,320 per sq.ft (2024)
• M.G.R. Nagar 6th Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total cost for these fees to Rs 1,18,800. 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 detailed calculations.

Which Sub Registrar Office covers M.G.R. Nagar 1st Street?

The M.G.R. Nagar 1st Street falls under the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is an important factor when buying or selling property in Pallikaranai. It serves as a benchmark for calculating stamp duty and registration fees, which are mandatory during the registration process. This ensures that the government receives the appropriate revenue from property transactions.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. Buyers and sellers must be aware of this value to ensure compliance with legal requirements during the transaction.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar 1st Street?

The current guideline value of M.G.R. Nagar 1st Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the land classification for M.G.R. Nagar 1st Street?

The land classification for M.G.R. Nagar 1st Street is Residential Class IV Type - II.

Where can I find the Sub Registrar Office for M.G.R. Nagar 1st Street?

The Sub Registrar Office covering M.G.R. Nagar 1st Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in M.G.R. Nagar 1st Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 92,400.