Guideline Value for M.G.R.NAGAR

M.G.R.Nagar guideline value

The current guideline value of M.G.R.Nagar, located in Chemmancheri village under the Neelankarai SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

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 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, marking a rise of 124%. The most recent revision in 2024 has further increased the guideline value to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 65%.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO that have a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, placing M.G.R.Nagar's 2024 figure above this median.

• M.G.R.Road: Rs 3,300 per sq.ft (2024)
• Michael Garden: Rs 3,300 per sq.ft (2024)
• Mejestic Recidency: Rs 3,900 per sq.ft (2024)
• Mohan Garden: Rs 1,000 per sq.ft (2024)
• M/S Santhiya Garden: Rs 3,300 per sq.ft (2024)
• M/S Suel India Marketing Co: Rs 2,800 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. 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 that covers M.G.R.Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Chemmancheri. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is used to calculate the necessary fees, ensuring that the transaction is documented accurately according to the prevailing rates set by the Registration Department. This helps maintain transparency and consistency in property transactions.

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 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 65% over this period.

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

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

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated 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 valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.