Guideline Value for M.G.R.NAGAR

M.G.R.Nagar guideline value

The current guideline value of M.G.R.Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Thirusulam village under the Pallavaram SRO and is classified as Residential Class IV Type - I.

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

The guideline value for M.G.R.Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft. This figure remained unchanged until the 2017 revision, which reduced the value to Rs 670 per sq.ft. However, the value saw a significant increase in the following revisions, with the 2023 revision raising it to Rs 1,000 per sq.ft, and the latest 2024 revision bringing it up to Rs 1,100 per sq.ft.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023, and by 10% from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Thirusulam

In Thirusulam, there are 74 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,080 to Rs 2,750 per sq.ft. The median value for these streets is Rs 1,940 per sq.ft, placing M.G.R.Nagar's 2024 figure below that median.

• Mookanaimman Koil Main Road: Rs 2,200 per sq.ft (2024)
• Mookaniamman 1 To 11 Streets: Rs 2,200 per sq.ft (2024)
• Muneswaran Koil Mettu Street: Rs 1,080 per sq.ft (2024)
• Muneswaran Koil Street: Rs 1,100 per sq.ft (2024)
• Mangala Vinayakar Kiol Street: Rs 1,320 per sq.ft (2024)
• Mangala Vinayagar Koil Street: Rs 1,320 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 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, while the registration fee at 2% would be Rs 22,000, bringing the total fees to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office covering M.G.R.Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Thirusulam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can impact the total cost involved in the transaction.

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 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the classification of land in M.G.R.Nagar?

The land classification in M.G.R.Nagar is Residential Class IV Type - I.

Where can I find the Sub Registrar Office for M.G.R.Nagar?

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

How is the stamp duty calculated in M.G.R.Nagar?

The stamp duty in M.G.R.Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.