Guideline Value for M.G.R. NAGAR

M.G.R. Nagar guideline value

The current guideline value of M.G.R. Nagar, located in Manapakkam village under the Chennai South Joint I SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class IV Type - I land classification.

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

The guideline value for M.G.R. Nagar has seen significant changes over the years. Starting from Rs 68 per sq.ft in 2002, it increased to Rs 76 per sq.ft in 2003, marking a 12% rise. The value then surged dramatically to Rs 400 per sq.ft in 2007, reflecting a 426% increase. Following this, the value was revised to Rs 2,000 per sq.ft in 2012, resulting in a decrease of 33% from the previous revision. In 2017, the guideline value rose to Rs 1,340 per sq.ft, which was a 49% increase. The value then increased to Rs 2,000 per sq.ft in 2023, before reaching the current value of Rs 2,200 per sq.ft in 2024, a 10% increase.

There are no figures available for the revisions in years other than those specified. The overall change from 2002 to 2024 is a remarkable increase of 3,135%.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median for these values is Rs 2,530 per sq.ft, placing M.G.R. Nagar's 2024 figure below that median.

• M.G.R. Nagar Chembar Road To M.G.R. Nagar Link Road: Rs 1,980 per sq.ft (2024)
• M G Road: Rs 2,220 per sq.ft (2024)
• Mettu Colony Link Road: Rs 1,980 per sq.ft (2024)
• Mettu Colony Anna Street: Rs 3,300 per sq.ft (2024)
• Mettu Colony: Rs 1,980 per sq.ft (2024)
• M.G.Salai -Mettu Colony Bajanai Koil Street Link Road: Rs 1,980 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

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

The M.G.R. Nagar area 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 Manapakkam

The guideline value is a crucial factor in the registration process of property transactions in Manapakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is used to assess the transaction value. If the sale price of the property is higher than the guideline value, the stamp duty will be charged on the sale price. Conversely, if the sale price is lower, the duty will be based on the guideline value.

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 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 68 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 3,135%.

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

M.G.R. Nagar falls under the Residential Class IV Type - I land classification.

What is the median guideline value in Manapakkam?

The median guideline value in Manapakkam is Rs 2,530 per sq.ft for the year 2024.

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

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