Guideline Value for M.G.R. Nagar

M.G.R. Nagar guideline value

The current guideline value of M.G.R. Nagar, located in Kovilpathagai village under the Ambattur SRO, is Rs 803 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under Residential Class IV Type - I land classification.

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 the 2012 revision, the value was set at Rs 400 per sq.ft, which then increased to Rs 268 per sq.ft in 2017, marking a decrease of 33%. However, from 2017 to 2023, the value rose significantly to Rs 803 per sq.ft, reflecting a change of 200%. The 2023 to 2024 revision maintained the same rate of Rs 803 per sq.ft, indicating no change during this period. The register has no figures for the years 2002, 2003, and 2007 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 101%, showcasing the fluctuations in property values over the years.

Guideline values in Kovilpathagai

Kovilpathagai village has a total of 278 streets under the Ambattur SRO, with guideline values ranging from Rs 803 to Rs 2,900 per sq.ft. The median guideline value for these streets is Rs 870 per sq.ft, placing M.G.R. Nagar's 2024 figure below this median.

• Mettu Street (Kannada Paalayam): Rs 805 per sq.ft (2024)
• Mettu Street: Rs 805 per sq.ft (2024)
• Masuthi Street: Rs 805 per sq.ft (2024)
• Manoharan Street: Rs 880 per sq.ft (2024)
• Mullai Nager: Rs 1,200 per sq.ft (2024)
• Mullai Nager Bakthavatchalam 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 803 per sq.ft, the total guideline value amounts to Rs 8,03,000. The stamp duty at 7% would be Rs 56,210, and the registration fee at 2% would be Rs 16,060, totaling Rs 72,270. 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 that covers M.G.R. Nagar is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur- 600 053, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Kovilpathagai. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property. The guideline value is assessed by the government and is updated periodically to reflect changes in the real estate market.

When you register a property, the stamp duty is 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, maintaining transparency and fairness in the registration process.

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 803 per sq.ft as per the 2024 revision, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2012 to Rs 803 per sq.ft in 2024, reflecting an overall increase of 101%. There was a significant increase of 200% between the 2017 and 2023 revisions.

What are the guideline values for other streets in Kovilpathagai?

Other streets in Kovilpathagai have varying guideline values. For instance, Mettu Street (Kannada Paalayam), Mettu Street, and Masuthi Street are all valued at Rs 805 per sq.ft, while Manoharan Street is valued at Rs 880 per sq.ft.

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

For a property valued at Rs 8,03,000 in M.G.R. Nagar, the stamp duty would be Rs 56,210, and the registration fee would be Rs 16,060, totaling Rs 72,270.

Which office handles property registration for M.G.R. Nagar?

The Ambattur Sub Registrar Office handles property registration for M.G.R. Nagar, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur- 600 053, Chennai registration zone.