Guideline Value for M.G.R. STREET

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Nanmangalam village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Mixed Type - II.

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

Over the years, the guideline value of M.G.R. Street has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 3,000 per sq.ft. The most recent 2024 revision has further raised the guideline value to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

In summary, from the 2012 revision to the 2024 revision, there has been an overall increase of 10%. The change from 2017 to 2023 was a significant 49%, while the drop from 2012 to 2017 was 33%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Nanmangalam

Nanmangalam village has a total of 139 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing M.G.R. Street's 2024 figure above this median.

• M.R.Nagar: Rs 2,750 per sq.ft (2024)
• Medavakkam Main Road: Rs 3,850 per sq.ft (2024)
• Muthiah Nagar: Rs 1,980 per sq.ft (2024)
• Manikandan Nagar 1 To 2 Streets: Rs 3,300 per sq.ft (2024)
• Nandagopal Nagar: Rs 2,750 per sq.ft (2024)
• Manikandan Nagar: Rs 3,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

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

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

To find your SRO, you can visit the provided link.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nanmangalam. It determines the minimum value at which a property must be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the stamp duty and registration fees. This ensures that the transaction is recorded accurately and complies with the regulations set by the Registration Department.

Frequently asked questions

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

The current guideline value of M.G.R. Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024. It was previously reduced to Rs 2,010 per sq.ft in 2017 from Rs 3,000 per sq.ft in 2012.

What is the land classification for M.G.R. Street?

M.G.R. Street is classified as Mixed Type - II under the land classification system.

Where can I find the registration office for M.G.R. Street?

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

How is the stamp duty calculated for properties in Nanmangalam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at 7%.