Guideline Value for M.G.R. Nagar Open gate

M.G.R. Nagar Open gate guideline value

The current guideline value of M.G.R. Nagar Open gate is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Chembakkam village under the Selaiyur SRO, classified as Residential Class III Type - II.

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

The guideline value for M.G.R. Nagar Open gate has seen several revisions over the years. In 2007, the guideline value was Rs 250 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2012, marking a 300% rise. However, it decreased to Rs 670 per sq.ft in 2017, a drop of 33%. The value then rose to Rs 1,000 per sq.ft in 2023, and currently stands at Rs 1,100 per sq.ft as of the 2024 revision, reflecting a 10% increase from the previous year.

Notably, 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 340%.

Guideline values in Chembakkam

In Chembakkam village, there are 472 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of M.G.R. Nagar Open gate is below this median.

• M.G.R Nagar Main Road: Rs 1,100 per sq.ft (2024)
• M.G.R. Main Road: Rs 1,100 per sq.ft (2024)
• M.G.R. Street: Rs 1,100 per sq.ft (2024)
• M.G.R. 3rd Street: Rs 1,100 per sq.ft (2024)
• M.G.R 3rd Cross Street: Rs 1,100 per sq.ft (2024)
• M.G.R. 2nd Street: Rs 1,100 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total cost to Rs 99,000. 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 Open gate?

The Sub Registrar Office covering M.G.R. Nagar Open gate is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Chembakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives its due revenue from property transactions.

When a property is sold, the guideline value will be compared to the sale price. The higher of the two values will be used to determine the applicable stamp duty and registration fees, which are mandatory for legal documentation and transfer of ownership.

Frequently asked questions

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

The current guideline value of M.G.R. Nagar Open gate is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 340% over the years.

What is the median guideline value for streets in Chembakkam?

The median guideline value for streets in Chembakkam is Rs 2,200 per sq.ft, with M.G.R. Nagar Open gate's value being below this median.

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

For a 1,000 sq.ft plot, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000 based on the current guideline value.

Which office handles registrations for M.G.R. Nagar Open gate?

The Selaiyur Sub Registrar Office handles registrations for M.G.R. Nagar Open gate, located at No.36, Bharathmatha Salai, Chennai - 600 073.