Guideline Value for M.G.R.NAGAR

M.G.R.Nagar guideline value

The current guideline value of M.G.R.Nagar in Arasankalani village is Rs 1,650 per sq.ft, effective from 1 July 2024. This property falls under the Selaiyur SRO and is classified as Residential Class II Type - I.

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

Over the years, the guideline value of M.G.R.Nagar has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which remained unchanged in the 2017 revision, where it dropped to Rs 1,005 per sq.ft. In 2023, the value increased to Rs 1,500 per sq.ft, followed by a rise to Rs 1,650 per sq.ft in the 2024 revision, marking a 10% increase from the previous year. The overall change from the 2012 revision to the 2024 revision is a modest increase of 10%.

Specifically, between the 2017 and 2023 revisions, there was a significant increase of 49%. However, the revisions for the years 2002, 2003, and 2007 have no figures available for this street.

Guideline values in Arasankalani

In Arasankalani, there are 85 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 4,750 per sq.ft. The median value for these streets is Rs 2,100 per sq.ft, indicating that M.G.R.Nagar's 2024 figure is below this median.

• Moogambigai Nagar: Rs 1,900 per sq.ft (2024)
• Meenakshi Street: Rs 1,300 per sq.ft (2024)
• M.V.Sai Nagar: Rs 4,100 per sq.ft (2024)
• Mangalam Nagar: Rs 1,650 per sq.ft (2024)
• Majestic Square: Rs 2,100 per sq.ft (2024)
• Mahalakshmi Nagar Phase-II: Rs 2,200 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 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, resulting in a total cost of Rs 1,48,500. 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 precise calculations.

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

The Sub Registrar Office that covers M.G.R.Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. To find your specific SRO, visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Arasankalani. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is essential to consider this value, as it can influence the overall transaction costs, including the stamp duty and registration fees that are calculated based on the guideline value or the sale price, whichever is higher.

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 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024, reflecting a 10% increase. The value was Rs 1,005 per sq.ft in 2017 and Rs 1,500 per sq.ft in 2012.

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

M.G.R.Nagar is classified under Residential Class II Type - I, indicating its suitability for residential development.

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

The Sub Registrar Office covering M.G.R.Nagar is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.