Guideline Value for M.G.R. NAGAR

M.G.R. Nagar guideline value

The current guideline value for M.G.R. Nagar, located in Vengathur village under the Manavalanagar SRO, is Rs 600 per sq.ft. This value is effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

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

The guideline value for M.G.R. Nagar has undergone several revisions over the years. In 2007, the value was set at Rs 100 per sq.ft. This increased significantly to Rs 600 per sq.ft in 2012, marking a 500% rise. However, in 2017, the value dropped to Rs 402 per sq.ft, reflecting a decrease of 33%. The following revision in 2023 saw the value return to Rs 600 per sq.ft, which remained unchanged in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to the current 2024 figure, there has been a substantial increase of 500%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vengathur

In Vengathur village, there are 186 streets under the Manavalanagar SRO with a 2024 guideline value ranging from Rs 500 to Rs 2,000 per sq.ft. The median guideline value for these streets is Rs 1,000 per sq.ft, indicating that M.G.R. Nagar's 2024 figure is below this median.

• Mettur Street: Rs 700 per sq.ft (2024)
• Mayar Chitti Babu Street: Rs 700 per sq.ft (2024)
• Marudhi Street: Rs 1,300 per sq.ft (2024)
• Marudham Street: Rs 700 per sq.ft (2024)
• Maraimalai Adigal Street: Rs 1,300 per sq.ft (2024)
• Ma.Po.See. Street: Rs 1,300 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 600 per sq.ft, the total guideline value would be Rs 6,00,000. The stamp duty at 7% would amount to Rs 42,000, and the registration fee at 2% would be Rs 12,000, bringing the total to Rs 54,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers M.G.R. Nagar is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration process for property transactions in Vengathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are documented accurately and fairly.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential for the legal transfer of ownership. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2007 to Rs 600 per sq.ft in 2012, then decreased to Rs 402 per sq.ft in 2017, and returned to Rs 600 per sq.ft in 2023 and 2024.

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

The land classification for M.G.R. Nagar is Residential Class III Type - I, indicating its use for residential purposes.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in M.G.R. Nagar is charged at 7% of the guideline value or sale price, whichever is higher. The registration fee is charged at 2% of the same value.

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

The Sub Registrar Office for M.G.R. Nagar is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.