Guideline Value for M.G.R. NAGAR 6TH STREET

M.G.R. Nagar 6th Street guideline value

The current guideline value of M.G.R. Nagar 6th Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village under the Chennai South Joint I SRO, and it falls under the Residential Class IV Type - II land classification.

How the guideline value of M.G.R. Nagar 6th Street has changed

The guideline value of M.G.R. Nagar 6th Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 1,320 per sq.ft, which is an increase of 10% from the 2023 revision of Rs 1,200 per sq.ft. The 2012 revision also recorded a value of Rs 1,200 per sq.ft, indicating no change from that year to 2023.

There are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10% from Rs 1,200 per sq.ft to Rs 1,320 per sq.ft.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, making the 2024 figure for M.G.R. Nagar 6th Street below this median.

• M.G.R. Nagar 5th Street: Rs 1,320 per sq.ft (2024)
• M.G.R. Nagar 7th 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 Kalaningar 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 Main Road: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 6th 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. Please note that duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.G.R. Nagar 6th Street?

The M.G.R. Nagar 6th 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 plays a crucial role in property transactions in Pallikaranai. It is used to determine the stamp duty and registration fees that buyers must pay when registering a property. This value is set by the government and is updated periodically to reflect market conditions.

When a property is sold, the buyer must pay the stamp duty 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 6th Street?

The current guideline value of M.G.R. Nagar 6th 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 increased from Rs 1,200 per sq.ft in 2012 to Rs 1,320 per sq.ft in 2024, marking a 10% increase overall. The value remained the same at Rs 1,200 per sq.ft from 2012 to 2023.

What are the guideline values for other streets in Pallikaranai?

Other streets in Pallikaranai under the Chennai South Joint I SRO have a guideline value of Rs 1,320 per sq.ft in 2024, including M.G.R. Nagar 5th, 6th, 7th, 4th, Kalaningar, 3rd Streets, and Main Road.

What is the stamp duty rate for property in M.G.R. Nagar 6th Street?

The stamp duty rate for property in M.G.R. Nagar 6th Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for M.G.R. Nagar 6th Street?

The Sub Registrar Office covering M.G.R. Nagar 6th 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.