Guideline Value for M.G.R.NAGAR

M.G.R.Nagar guideline value

The current guideline value of M.G.R.Nagar, located in Neelankarai village under the Neelankarai SRO, is Rs 1,700 per sq.ft as per the 2024 revision effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

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

The guideline value for M.G.R.Nagar has seen several revisions over the years. In 2012, the value was Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision. However, this figure rose significantly to Rs 1,500 per sq.ft in 2023, followed by an increase to Rs 1,700 per sq.ft in the 2024 revision, marking a 13% increase from the previous year.

From the 2017 revision to 2023, the increase was 49%. Overall, comparing the 2012 revision to the 2024 revision, there has been a 13% increase. It is important to note that the register has no figures for M.G.R.Nagar for the years 2002, 2003, and 2007.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO, with the 2024 guideline values ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing M.G.R.Nagar's 2024 figure below that median.

• M.G.R. Nagar 1st Street (Canal): Rs 1,700 per sq.ft (2024)
• M.G.R. Nagar 2nd Street (Canal): Rs 1,700 per sq.ft (2024)
• M.G.R. Nagar 3rd Street (Canal): Rs 1,700 per sq.ft (2024)
• M.G.R. Nagar 4th Street (Canal): Rs 1,700 per sq.ft (2024)
• Maruthi Nagar Extn.: Rs 2,200 per sq.ft (2024)
• Moul Kuppam Road Known as Kuppam: Rs 1,700 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 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, totaling Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

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 details.

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

The guideline value is a crucial factor in the registration process for property transactions in Neelankarai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid by the buyer during the registration of the property.

When a property is bought or sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and 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.Nagar?

The current guideline value of M.G.R.Nagar is Rs 1,700 per sq.ft as per the 2024 revision effective from 1 July 2024.

How much has the guideline value changed from 2012 to 2024?

From 2012 to 2024, the guideline value has increased by 13%, moving from Rs 1,500 per sq.ft in 2012 to Rs 1,700 per sq.ft in 2024.

What was the guideline value in 2017?

The guideline value in 2017 was Rs 1,005 per sq.ft. This was a decrease from the previous value of Rs 1,500 per sq.ft in 2012.

What is the median guideline value for streets in Neelankarai?

The median guideline value for streets in Neelankarai is Rs 2,200 per sq.ft, with M.G.R.Nagar's 2024 figure being below this median.

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.