Guideline Value for M.G.R.FILM EMPLOYEES COLONY

M.G.R.Film Employees Colony guideline value

The current guideline value of M.G.R.Film Employees Colony is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Nerkundram village and falls under the Virugambakkam SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of M.G.R.Film Employees Colony has changed

The guideline value of M.G.R.Film Employees Colony has seen significant changes over the years. In 2002, the guideline value was Rs 221 per sq.ft. This increased to Rs 244 per sq.ft in 2003, marking a 10% rise. The value continued to rise dramatically, reaching Rs 400 per sq.ft in 2007, which was an increase of 64%. By 2012, the value was Rs 2,500 per sq.ft, reflecting a substantial increase of 525% from the previous revision.

In 2017, the guideline value was revised to Rs 1,675 per sq.ft, which was a decrease of 33%. However, this was followed by a significant increase to Rs 2,500 per sq.ft in 2023, and then to the current value of Rs 2,750 per sq.ft in 2024, marking a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 1,144%.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO, with a 2024 guideline value range from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing M.G.R.Film Employees Colony's 2024 figure above that median.

• METTUKUPPAM - Pillaiyar Koil Street: Rs 2,200 per sq.ft (2024)
• METTUKUPPAM - Pillaiyar Koil Cross Street: Rs 2,200 per sq.ft (2024)
• METTUKUPPAM - Perumal Koil Street: Rs 2,200 per sq.ft (2024)
• METTUKUPPAM - Oothavadai Street: Rs 2,200 per sq.ft (2024)
• METTUKUPPAM - Oothavadai Cross Street: Rs 2,200 per sq.ft (2024)
• METTUKUPPAM - Mandaveli Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R.Film Employees Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees to Rs 2,47,500. Please 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.Film Employees Colony?

The Sub Registrar Office that covers M.G.R.Film Employees Colony is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Nerkundram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with the legal requirements.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two amounts is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of M.G.R.Film Employees Colony?

The current guideline value of M.G.R.Film Employees Colony 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 changed significantly from Rs 221 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 1,144%.

What is the land classification for M.G.R.Film Employees Colony?

The land classification for M.G.R.Film Employees Colony is Residential Class III Type - I.

Where can I find the Sub Registrar Office for M.G.R.Film Employees Colony?

The Sub Registrar Office for M.G.R.Film Employees Colony is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in M.G.R.Film Employees Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 at a rate of 7%.