Guideline Value for M.G.R. Nagar South

M.G.R. Nagar South guideline value

The current guideline value for M.G.R. Nagar South is Rs 1,650 per sq.ft, effective from 1 July 2024. This area falls under Madipakkam-1 village and is classified as Residential Class II Type - II. The relevant Sub Registrar Office for this locality is Velacheri SRO.

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

In the 2023 revision, the guideline value was Rs 1,500 per sq.ft. The latest revision in 2024 has increased this value to Rs 1,650 per sq.ft, reflecting a change of +10%. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

Thus, the only revisions available are from 2023 and 2024. The increase from Rs 1,500 to Rs 1,650 per sq.ft indicates a notable adjustment within a year.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for M.G.R. Nagar South is below this median.

• M.G.R. Street 1st Street: Rs 1,650 per sq.ft (2024)
• M.G.R. Street 2nd Street: Rs 1,650 per sq.ft (2024)
• M.G.R. Nagar 3rd Cross Street (MGR Nagar 2nd Street): Rs 2,200 per sq.ft (2024)
• M.G.R. nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making a total of Rs 1,48,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers M.G.R. Nagar South is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for additional assistance.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor during property transactions in Madipakkam-1, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. 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 South?

The current guideline value of M.G.R. Nagar South is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024. There are no figures available for the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the land classification of M.G.R. Nagar South?

M.G.R. Nagar South is classified as Residential Class II Type - II. This classification is important for understanding the zoning and usage of the land.

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

The Velacheri Sub Registrar Office covers M.G.R. Nagar South and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For instance, for a property valued at Rs 16,50,000, the total fees would include a stamp duty of Rs 1,15,500 and a registration fee of Rs 33,000.