Guideline Value for M.G.R. Nagar

M.G.R. Nagar guideline value

The current guideline value of M.G.R. Nagar, located in Thirumullaivoyal village under the Ambattur SRO, is Rs 2,400 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

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

Over the years, the guideline value of M.G.R. Nagar has seen significant changes. In 2002, the guideline value was Rs 139 per sq.ft, which increased to Rs 175 per sq.ft in 2003, marking a rise of 26%. This upward trend continued with a 14% increase to Rs 200 per sq.ft in 2007. By 2012, the value surged dramatically to Rs 2,200 per sq.ft, reflecting a remarkable 1000% increase from the previous revision. The guideline value remained stable at Rs 2,200 per sq.ft until 2023.

The 2023 revision set the value at Rs 2,200 per sq.ft, which then increased to Rs 2,400 per sq.ft in 2024, representing a 9% rise. Notably, there was no figure recorded for the street in the 2017 revision. Overall, from 2002 to 2024, the guideline value has increased by 1627%.

Guideline values in Thirumullaivoyal

In Thirumullaivoyal, there are 975 streets under the Ambattur SRO, with the 2024 guideline values ranging from Rs 880 to Rs 5,500 per sq.ft. The median value is Rs 2,400 per sq.ft, which aligns with the current guideline value of M.G.R. Nagar.

• M.G.R. Nagar 1st Cross Street: Rs 2,400 per sq.ft (2024)
• M.G.R. Nagar 2nd Cross Street: Rs 2,400 per sq.ft (2024)
• M.G.R. Nagar 3rd Cross Street: Rs 2,400 per sq.ft (2024)
• M.G.R. Nagar 4th Cross Street: Rs 2,400 per sq.ft (2024)
• M.G.R. Nagar 5th Cross Street: Rs 2,400 per sq.ft (2024)
• Mettu Street: Rs 1,300 per sq.ft (2024)

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

For a property measuring 1,000 sq.ft at the current guideline value of Rs 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, while the registration fee at 2% would be Rs 48,000, bringing the total to Rs 2,16,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

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 Thirumullaivoyal

The guideline value plays a crucial role in property transactions in Thirumullaivoyal. It is used to determine the stamp duty and registration fees that must be paid during the registration of property. Buyers and sellers must be aware that the guideline value is the basis for these fees, which are calculated on the higher of the guideline value or the sale price.

When purchasing property, it is essential to consider the guideline value as it directly impacts the overall cost of the transaction. Proper understanding of the guideline value ensures that buyers are prepared for the financial obligations associated with property registration in Thirumullaivoyal.

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 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 139 per sq.ft in 2002 to Rs 2,400 per sq.ft in 2024, with significant increases in various revisions, including a 1000% rise from 2007 to 2012.

What is the stamp duty rate for property in M.G.R. Nagar?

The stamp duty rate for property in M.G.R. Nagar is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for M.G.R. Nagar located?

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

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It is essential for buyers and sellers to understand its implications on the overall cost of the transaction.