Guideline Value for M.G.R. Street (A.K.A. Nagar)

M.G.R. Street (A.K.A. Nagar) guideline value

The current guideline value of M.G.R. Street (A.K.A. Nagar) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Oragadam village, under the Ambattur SRO, and falls under the Residential Class II Type - I land classification.

How the guideline value of M.G.R. Street (A.K.A. Nagar) has changed

Over the years, the guideline value for M.G.R. Street (A.K.A. Nagar) has seen several revisions. The 2007 revision set the value at Rs 500 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012, marking a 200% rise. However, the value then decreased to Rs 1,005 per sq.ft in 2017, reflecting a 33% drop. The 2023 revision saw the value rise again to Rs 1,500 per sq.ft, and the latest revision in 2024 has increased it further to Rs 1,600 per sq.ft, a 7% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 220%.

Guideline values in Oragadam

In Oragadam, there are 596 streets under the Ambattur SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 3,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing M.G.R. Street (A.K.A. Nagar) below that median.

• M.G.R.Street (Gandhi Nagar Part): Rs 1,800 per sq.ft (2024)
• M.G.R. Street (Pudur): Rs 1,900 per sq.ft (2024)
• M.G.R. Street (V.L.Puram): Rs 2,400 per sq.ft (2024)
• Min Nagar: Rs 1,900 per sq.ft (2024)
• Min Nagar extension: Rs 1,900 per sq.ft (2024)
• M.G.R. Avenue (Banu Nagar): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Street (A.K.A. Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, while the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers M.G.R. Street (A.K.A. Nagar)?

The Sub Registrar Office that covers M.G.R. Street (A.K.A. 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 Oragadam

The guideline value is a crucial factor when buying or selling property in Oragadam. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for property transactions. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used for calculating the applicable duties.

When registering a property, it is essential to ensure that all documentation reflects the correct guideline value. This helps in avoiding any discrepancies that may arise during the registration process and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of M.G.R. Street (A.K.A. Nagar)?

The current guideline value of M.G.R. Street (A.K.A. Nagar) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, with the most recent increase from Rs 1,500 per sq.ft in 2023 to Rs 1,600 per sq.ft in 2024. The overall increase from Rs 500 per sq.ft in 2007 to the current value is 220%.

Which Sub Registrar Office covers M.G.R. Street (A.K.A. Nagar)?

The Ambattur Sub Registrar Office covers M.G.R. Street (A.K.A. Nagar), located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

What are the stamp duty and registration fees for properties in M.G.R. Street (A.K.A. Nagar)?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total guideline value would be Rs 16,00,000, leading to a stamp duty of Rs 1,12,000 and a registration fee of Rs 32,000.

What is the land classification of M.G.R. Street (A.K.A. Nagar)?

M.G.R. Street (A.K.A. Nagar) falls under the Residential Class II Type - I land classification, indicating its suitability for residential development.