Guideline Value for M.G.R.NAGAR

M.G.R.Nagar guideline value

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

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 2002, the guideline value was Rs 99 per sq.ft, which increased to Rs 117 per sq.ft in 2003, marking an 18% rise. The value further increased significantly to Rs 400 per sq.ft in 2007, reflecting a 242% increase. Following this, the value jumped to Rs 1,200 per sq.ft in 2012, showing a 200% increase from the previous revision. However, in 2017, the value decreased to Rs 804 per sq.ft, a decline of 33%. The guideline value then rose to Rs 1,200 per sq.ft in 2023, before reaching the current rate of Rs 1,300 per sq.ft in 2024, an increase of 8%.

Overall, from 2002 to 2024, the guideline value has increased by 1213%. The register has no figure for M.G.R.Nagar for the years not mentioned above.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 8,600 per sq.ft, with a median value of Rs 3,300 per sq.ft. M.G.R.Nagar's 2024 guideline value is below this median.

• Ma.Ve.Na. Nagar: Rs 2,800 per sq.ft (2024)
• Mattumandai: Rs 2,150 per sq.ft (2024)
• Masthan Koil Pattai: Rs 3,300 per sq.ft (2024)
• Marvadi Quarters: Rs 3,300 per sq.ft (2024)
• Market Lane Kaladipet: Rs 2,800 per sq.ft (2024)
• Manikkam Nagar Extn: Rs 3,300 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 rate of Rs 1,300 per sq.ft, the guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. It is important to note that 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 that covers M.G.R.Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for additional information.

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

The guideline value plays a crucial role during property transactions in Thiruvottiyur. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers and sellers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be considered for calculating the applicable fees.

When purchasing property, it is essential to check the current guideline value to understand the financial implications of the transaction. This ensures that all legal requirements are met, and the correct fees are paid to the authorities.

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

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 99 per sq.ft in 2002 to Rs 1,300 per sq.ft in 2024, reflecting significant increases and a few decreases over the years.

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

M.G.R.Nagar is classified as Residential Class II Type - III.

Where is the Sub Registrar Office for M.G.R.Nagar located?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is the 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, a property valued at Rs 13,00,000 would incur a stamp duty of Rs 91,000 at 7%.