Guideline Value for M.G.R. Nagar

M.G.R. Nagar guideline value

The current guideline value of M.G.R. Nagar, located in Parangimalai village under the Chennai South Joint II SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

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

Since the 2002 revision, the guideline value for M.G.R. Nagar has seen significant changes. In 2002, the value was Rs 236 per sq.ft. This increased to Rs 320 per sq.ft in 2003, marking a 36% rise. The value then jumped to Rs 800 per sq.ft in 2007, reflecting a 150% increase. The 2012 revision saw a decrease to Rs 2,500 per sq.ft, which was a decline of 33%. The value rose again to Rs 1,675 per sq.ft in 2017, showing a 49% increase. The most recent revision in 2023 set the value at Rs 2,500 per sq.ft, followed by the current rate of Rs 2,750 per sq.ft in 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,065%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, placing M.G.R. Nagar's value below this median.

• Mettu Street: Rs 3,850 per sq.ft (2024)
• Military Dairyfarm Road: Rs 3,850 per sq.ft (2024)
• Military Dairyfarm Road 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• M.K.N Road: Rs 5,500 per sq.ft (2024)
• M.K.N. Road 1st Street: Rs 5,500 per sq.ft (2024)
• M.K.N.Road 3nd Street: Rs 5,500 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 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, resulting in a total of Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers M.G.R. Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Parangimalai. It serves as the minimum value on which the stamp duty and registration fees are calculated during the sale or purchase of property. This ensures that the transaction is registered at a value that reflects the current market conditions as determined by the government.

When buying or selling property, it is essential to be aware of the guideline value, as it can impact the overall costs involved in the transaction. Buyers should ensure that the sale price is at least equal to the guideline value to avoid any issues during registration.

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 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 236 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1,065% over this period.

What is the median guideline value in Parangimalai?

The median guideline value for streets in Parangimalai is Rs 3,850 per sq.ft, with M.G.R. Nagar's value being below this median.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,47,500.

Which office handles property registrations in M.G.R. Nagar?

The Chennai South Joint II Sub Registrar Office handles property registrations for M.G.R. Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.