Guideline Value for M.G.R.NAGAR (NEAR CANAL-SLUMS)

M.G.R.Nagar (Near Canal-Slums) guideline value

The current guideline value of M.G.R.Nagar (Near Canal-Slums) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under Padi village and is classified as Residential Class V Type - II. The relevant Sub Registrar Office (SRO) for this location is Villivakkam SRO.

How the guideline value of M.G.R.Nagar (Near Canal-Slums) has changed

The guideline value for M.G.R.Nagar has undergone several revisions over the years. In 2002, the value was Rs 251 per sq.ft, which increased to Rs 285 per sq.ft in 2003. The value saw a significant rise to Rs 405 per sq.ft in 2007, followed by a substantial increase to Rs 2,000 per sq.ft in 2012. However, it dropped to Rs 1,340 per sq.ft in 2017. The value then rose to Rs 2,000 per sq.ft in 2023 before reaching the current rate of Rs 2,200 per sq.ft in 2024.

Between these revisions, the most notable changes include an increase of 10% from 2023 to 2024, and a 49% increase from 2017 to 2023. The period from 2012 to 2017 saw a decrease of 33%, while the increase from 2007 to 2012 was a remarkable 394%. Overall, from 2002 to 2024, the guideline value has risen by 776%.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft, with a median value of Rs 3,800 per sq.ft. The guideline value for M.G.R.Nagar (Near Canal-Slums) is below this median.

• Mettukulam (M.T.H.Road): Rs 8,200 per sq.ft (2024)
• M.M.M.Hospital Road (Bazaar Road): Rs 9,900 per sq.ft (2024)
• Mogappair Road (Estate Road): Rs 9,900 per sq.ft (2024)
• Mosque Street: Rs 4,900 per sq.ft (2024)
• Mathiazhagan Nagar: Rs 2,500 per sq.ft (2024)
• M.T.H.Road: Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R.Nagar (Near Canal-Slums)

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty, calculated at 7%, would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. 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 (Near Canal-Slums)?

The Sub Registrar Office that covers M.G.R.Nagar (Near Canal-Slums) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process for property transactions in Padi. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transfer of property ownership.

When you buy or sell property, the guideline value helps ensure that the transaction is recorded accurately and fairly, reflecting the official valuation set by the authorities. This value is critical for both buyers and sellers to understand their financial obligations during the registration process.

Frequently asked questions

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

The current guideline value of M.G.R.Nagar (Near Canal-Slums) is Rs 2,200 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 251 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 776% over this period.

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

For a 1,000 sq.ft plot, the guideline value is Rs 22,00,000, resulting in a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000, totaling Rs 1,98,000.

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

The Villivakkam Sub Registrar Office covers M.G.R.Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the guideline value used in property transactions?

The guideline value is used as a benchmark for calculating stamp duty and registration fees during property transactions, ensuring accurate and fair recording of property ownership transfers.