Guideline Value for M.G.R. Nagar

M.G.R. Nagar guideline value

The current guideline value of M.G.R. Nagar, located in Hastinapuram village under the Pallavaram SRO, is Rs 2,380 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

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

The guideline value for M.G.R. Nagar has seen several revisions over the years. In 2007, the guideline value was Rs 400 per sq.ft, which increased significantly to Rs 2,200 per sq.ft in 2012. However, it then decreased to Rs 1,474 per sq.ft in 2017. The 2023 revision brought the value up to Rs 2,200 per sq.ft, and the latest revision in 2024 has set it at Rs 2,380 per sq.ft. There are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, there was a notable increase of 49%. The jump from 2023 to 2024 reflects an 8% rise. Overall, from 2007 to 2024, the guideline value has increased by 495%, indicating significant changes in the valuation over the years.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, placing M.G.R. Nagar's 2024 guideline value below the median.

• Millath Nagar: Rs 2,970 per sq.ft (2024)
• M.I.T. Gate Border Road: Rs 2,970 per sq.ft (2024)
• Mithila Nagar: Rs 1,650 per sq.ft (2024)
• Mosque Streets: Rs 1,650 per sq.ft (2024)
• Mosque Works Street: Rs 1,650 per sq.ft (2024)
• M.C.Nagar 4 And 5th Cross Street: Rs 3,300 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 2,380 per sq.ft, the total guideline value would be Rs 23,80,000. The stamp duty at 7% would amount to Rs 1,66,600, and the registration fee at 2% would be Rs 47,600, making the total fees together Rs 2,14,200. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

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

The M.G.R. Nagar area falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is crucial when registering a property transaction in Hastinapuram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that both the buyer and seller adhere to the legal requirements set by the state.

When buying or selling property, the guideline value helps determine the minimum price at which the property can be registered. This ensures transparency in property transactions and helps prevent undervaluation.

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 2,380 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 400 per sq.ft in 2007 to Rs 2,380 per sq.ft in 2024, representing a total increase of 495% over the years.

What are the other streets in Hastinapuram with their guideline values?

Other streets in Hastinapuram include Millath Nagar and M.I.T. Gate Border Road, both at Rs 2,970 per sq.ft, and Mithila Nagar, Mosque Streets, and Mosque Works Street, all at Rs 1,650 per sq.ft.

What fees are associated with buying property in M.G.R. Nagar?

The fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for M.G.R. Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.