Guideline Value for M.G.R. NAGAR 5TH STREET

M.G.R. Nagar 5th Street guideline value

The current guideline value of M.G.R. Nagar 5th 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 5th Street has changed

The guideline value for M.G.R. Nagar 5th Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was later reduced to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,200 per sq.ft in the 2023 revision, and finally, it rose to Rs 1,320 per sq.ft in the 2024 revision.

In terms of percentage changes, the value increased by 10% from 2023 to 2024. From 2017 to 2023, there was a significant increase of 49%. However, the value decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO that have a guideline value for 2024, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value across these streets is Rs 1,650 per sq.ft, making the guideline value of M.G.R. Nagar 5th Street below this median.

• M.G.R. Nagar 6th 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 7tn Street: Rs 1,320 per sq.ft (2024)
• M.G.R. Nagar 3rd Street: Rs 1,320 per sq.ft (2024)
• M.G.R. Nagar 2nd Street: Rs 1,320 per sq.ft (2024)
• M.G.R. Nagar Kalaningar Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 5th 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 to Rs 1,18,800. Please 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 details.

Which Sub Registrar Office covers M.G.R. Nagar 5th Street?

The M.G.R. Nagar 5th Street is covered by 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 a crucial factor when it comes to property registration in Pallikaranai. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction process.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. 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 5th Street?

The current guideline value of M.G.R. Nagar 5th 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 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 5th Street?

The land classification for M.G.R. Nagar 5th Street is Residential Class IV Type - II.

Where can I find the registration office for M.G.R. Nagar 5th Street?

The registration office for M.G.R. Nagar 5th Street is 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.

How is stamp duty calculated for properties in M.G.R. Nagar 5th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 13,20,000, the stamp duty at 7% would be Rs 92,400.