Guideline Value for M.G.R. Nagar Main Road

M.G.R. Nagar Main Road guideline value

The current guideline value of M.G.R. Nagar Main Road is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Kottivakkam village under the Adayar SRO, classified as Residential Class V Type - III.

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

The guideline value for M.G.R. Nagar Main Road has undergone several revisions over the years. In 2002, the guideline value was Rs 224 per sq.ft, which increased to Rs 267 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 1,000 per sq.ft in 2007, and then it increased to Rs 1,500 per sq.ft in 2012. However, there was a decrease to Rs 1,005 per sq.ft in 2017. The value then rose to Rs 1,500 per sq.ft in 2023 before reaching the current rate of Rs 1,700 per sq.ft in 2024.

From 2023 to 2024, there was an increase of 13%. The change from 2017 to 2023 was a notable increase of 49%. The value decreased by 33% from 2012 to 2017, while it increased by 50% from 2007 to 2012. The rise from 2003 to 2007 was significant at 275%, and from 2002 to 2003, it was 19%. Overall, from 2002 to 2024, the guideline value has increased by 659%. The register has no figure for any other revisions for this street.

Guideline values in Kottivakkam

Kottivakkam village has a total of 284 streets under the Adayar SRO that carry a guideline value for 2024, ranging from Rs 1,700 to Rs 8,500 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, which means that the guideline value of M.G.R. Nagar Main Road is below this median.

• M.G.R. Nagar Link Streets: Rs 1,700 per sq.ft (2024)
• Muthalamman Koil 2nd Street: Rs 1,700 per sq.ft (2024)
• Muthalamman Koil 3rd Street: Rs 1,700 per sq.ft (2024)
• Muthalamman Koil 4th Street: Rs 1,700 per sq.ft (2024)
• Muthalamman Koil 5th Street: Rs 1,700 per sq.ft (2024)
• Muthalamman Koil 6th Street: Rs 1,700 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty, charged at 7%, would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000. Therefore, the total cost for these fees would be Rs 1,53,000. It is important to note that the 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 Main Road?

The Sub Registrar Office that covers M.G.R. Nagar Main Road is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

When buying or selling property in Kottivakkam, the guideline value plays a crucial role during the registration process. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is officially recorded with the appropriate authorities.

Buyers and sellers must be aware that the guideline value is set by the government and is subject to periodic revisions. This value is essential for both parties to understand the financial implications of the transaction, as it affects the overall cost involved in the property transfer.

Frequently asked questions

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

The current guideline value of M.G.R. Nagar Main Road is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 224 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 659% from 2002 to 2024.

What is the median guideline value in Kottivakkam?

The median guideline value for streets in Kottivakkam is Rs 3,900 per sq.ft, which is higher than the current guideline value of M.G.R. Nagar Main Road.

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

For a property valued at Rs 17,00,000, the stamp duty is Rs 1,19,000 and the registration fee is Rs 34,000, totaling Rs 1,53,000.

Which office handles the registration for M.G.R. Nagar Main Road?

The Adayar Sub Registrar Office handles the registration for M.G.R. Nagar Main Road, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.