Guideline Value for M.G.R. Nagar (Mettupalayam)

M.G.R. Nagar (Mettupalayam) guideline value

The current guideline value for M.G.R. Nagar (Mettupalayam) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

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

Over the years, the guideline value of M.G.R. Nagar (Mettupalayam) has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which then dropped to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,200 per sq.ft in 2023, and the latest revision in 2024 has set it at Rs 1,300 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, while the value increased by 49% from 2017 to 2023. The change from 2023 to 2024 reflects an 8% increase. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, which indicates that the guideline value for M.G.R. Nagar (Mettupalayam) is below this median.

• M.G.R. Nagar Main Road (Ward 30): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• MGR Nagar (Ward-30): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 8th Street (Ward 30): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 7th Street (Ward 30): Rs 1,300 per sq.ft (2024)
• M.G.R.Nagar 7th Cross Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar (Mettupalayam)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and 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 (Mettupalayam)?

The Sub Registrar Office that covers M.G.R. Nagar (Mettupalayam) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role during property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that are applicable when buying or selling property. Buyers must ensure that they are aware of the current guideline value to avoid any discrepancies during registration.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar (Mettupalayam)?

The current guideline value of M.G.R. Nagar (Mettupalayam) is Rs 1,300 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 increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

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

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Where is the Sub Registrar Office for M.G.R. Nagar (Mettupalayam)?

The Sub Registrar Office for M.G.R. Nagar (Mettupalayam) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

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

The land classification for M.G.R. Nagar (Mettupalayam) is Residential Class III Type - I.