Guideline Value

Corporate

Guideline Value for M.G.R. Nagar Extn

₹3850/sq.ft.

The guideline value for M.g.r. Nagar Extn in Velachery village (Velacheri SRO, Chennai zone) is Rs 3850 per sq.ft, effective 1 July 2024. It was Rs 3500 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Ii Type - Iii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Velachery

Village

Velacheri

SRO

Residential Class II Type - III
History
Period Guideline Value
From 1-7-2024 ₹3850 /sq.ft.
From 1-4-2023 ₹3500 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹2345 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹3500 /sq.ft.
From 1-8-2007 To 31-3-2012 ₹1500 /sq.ft.
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]

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M.G.R. Nagar Extn guideline value

The current guideline value of M.G.R. Nagar Extn is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Velachery village under the Velacheri SRO and is classified as Residential Class II Type - III.

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

Over the years, the guideline value of M.G.R. Nagar Extn has seen several revisions. The 2007 revision set the value at Rs 1,500 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012, marking a 133% rise. However, the value dropped to Rs 2,345 per sq.ft in 2017, a decrease of 33%. The 2023 revision brought the value back up to Rs 3,500 per sq.ft, followed by the current 2024 revision, which increased it further to Rs 3,850 per sq.ft, reflecting a 10% increase.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 157%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, making the current guideline value of M.G.R. Nagar Extn below this median.

Stamp duty and registration fee for property in M.G.R. Nagar Extn

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

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

The M.G.R. Nagar Extn area is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Velachery. It serves as a benchmark for determining the minimum value of a property, ensuring that the registration process adheres to the prescribed rates set by the government.

When buying or selling property, the guideline value influences the calculation of stamp duty and registration fees, which are essential costs incurred during the transaction. Buyers should ensure they are aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar Extn?

The current guideline value of M.G.R. Nagar Extn is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions, starting from Rs 1,500 per sq.ft in 2007, increasing to Rs 3,500 in 2012, dropping to Rs 2,345 in 2017, and finally rising to Rs 3,850 in 2024.

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

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for M.G.R. Nagar Extn?

The Velacheri Sub Registrar Office handles registrations for M.G.R. Nagar Extn, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How does the guideline value affect property transactions?

The guideline value serves as a minimum benchmark for property transactions, influencing the calculation of stamp duty and registration fees. It is essential for buyers and sellers to be aware of the current guideline value during the registration process.