Guideline Value for M.G.R. NAGAR

M.G.R. Nagar guideline value

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

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

The guideline value for M.G.R. Nagar has seen several revisions over the years. Starting from Rs 78 per sq.ft in 2002, it increased to Rs 100 per sq.ft in 2003. The value then rose significantly to Rs 400 per sq.ft in 2007, followed by a further increase to Rs 1,200 per sq.ft in 2012. However, it decreased to Rs 804 per sq.ft in 2017. The guideline value then increased to Rs 1,200 per sq.ft in 2023, and most recently, it has been revised to Rs 1,320 per sq.ft in 2024.

In terms of percentage changes, the value rose by 28% from 2002 to 2003, followed by a 300% increase from 2003 to 2007. There was a 200% increase from 2007 to 2012, but a decrease of 33% occurred from 2012 to 2017. The value then saw a significant increase of 49% from 2017 to 2023, and finally, a 10% rise from 2023 to 2024. The overall increase from 2002 to 2024 is 1592%.

Guideline values in Pallikaranai

Pallikaranai comprises 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value in the village is Rs 1,650 per sq.ft, making M.G.R. Nagar's current value below that median.

• M.G.R. Nagar 1st 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 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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, while the registration fee at 2% would be Rs 26,400, leading to a total of 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.

For more information, you can use the stamp duty and registration fee calculator.

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 details.

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

The guideline value plays a crucial role during the registration of property transactions in Pallikaranai. 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 calculate the applicable charges. Buyers should be aware that the stamp duty and registration fees are calculated based on the higher of the guideline value or the actual sale price of the property, ensuring compliance with local regulations.

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 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 78 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1592% over this period.

What is the median guideline value in Pallikaranai?

The median guideline value in Pallikaranai is Rs 1,650 per sq.ft, which is higher than the current value of M.G.R. Nagar.

What are the stamp duty and registration fees for property in M.G.R. Nagar?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

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

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