Guideline Value for M.G.R. Nagar

M.G.R. Nagar guideline value

The current guideline value of M.G.R. Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024. This street is located in Gooduvancheri village, under the Gooduvancheri SRO, and is classified as Residential Class I Type - I.

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

Over the years, the guideline value of M.G.R. Nagar has seen several revisions. The 2017 revision set the value at Rs 804 per sq.ft. This figure remained unchanged through the 2023 revision, which also recorded Rs 1,200 per sq.ft. The current 2024 revision maintains this value at Rs 1,200 per sq.ft, indicating no change from the previous year. Notably, there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. Overall, the guideline value has increased by 49% from 2017 to 2024, reflecting a consistent valuation during the last two revisions.

Guideline values in Gooduvancheri

In Gooduvancheri, there are 129 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 3,500 per sq.ft, with a median value of Rs 1,500 per sq.ft. The guideline value of M.G.R. Nagar is below this median.

• M.K. Nagar: Rs 1,500 per sq.ft (2024)
• Moganapriya Nagar: Rs 1,500 per sq.ft (2024)
• Mohanapriya Nagar Extn: Rs 1,500 per sq.ft (2024)
• Meenakshi Nagar (S.No. 174/1 -6): Rs 2,001 per sq.ft (2024)
• Meenakshi Nagar (Near G.S.T. Road): Rs 3,500 per sq.ft (2024)
• Mosque Street: Rs 1,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, totaling Rs 1,08,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office covering M.G.R. Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Gooduvancheri. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property registration.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately. Buyers and sellers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price, ensuring compliance with local regulations.

Frequently asked questions

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

The current guideline value of M.G.R. Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased by 49%. The value remained at Rs 1,200 per sq.ft from 2017 to 2023 and continues at this rate for the 2024 revision.

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

M.G.R. Nagar is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 1,08,000, which includes Rs 84,000 for stamp duty and Rs 24,000 for registration fees.

Where is the Gooduvancheri Sub Registrar Office located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.