Guideline Value for M.G.R.Nagar

M.G.R.Nagar guideline value

The current guideline value of M.G.R.Nagar, located in Tambaram village under the Tambaram Joint 1 SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II 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 2007 revision set the value at Rs 400 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in 2012, marking a 200% rise. However, the value decreased to Rs 804 per sq.ft in 2017, a decline of 33%. The 2023 revision saw a substantial increase to Rs 1,200 per sq.ft, followed by another increase to Rs 1,320 per sq.ft in 2024, reflecting a 10% rise.

Overall, from the 2007 revision to the current 2024 guideline value, there has been a significant increase of 230%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO, with 2024 guideline values ranging from Rs 880 to Rs 8,250 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing M.G.R.Nagar's current value below this median.

• Mettu Street: Rs 3,300 per sq.ft (2024)
• M.K. Reddy Street: Rs 6,600 per sq.ft (2024)
• Melandai Street: Rs 3,300 per sq.ft (2024)
• Melandai 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Melandai 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Moogambigai Nagar 1st St: 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 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, while the registration fee at 2% would be Rs 26,400, leading to a total of Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

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

The Sub Registrar Office that covers M.G.R.Nagar is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Tambaram. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers should be aware that the guideline value is set by the government and can vary significantly between different areas.

When registering a property, it is essential to use the guideline value to ensure compliance with local regulations. This value is typically higher than the sale price, and the stamp duty is calculated based on the higher of the two amounts.

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 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 230% over the years.

What is the stamp duty rate in M.G.R.Nagar?

The stamp duty rate in M.G.R.Nagar is 7%, which is applied to the higher of the guideline value or the sale price of the property.

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

The Sub Registrar Office for M.G.R.Nagar is located at No.26, Mes Road, East Tambaram, Chennai-600059, under the Chengalpattu registration zone.

What is the median guideline value in Tambaram?

The median guideline value in Tambaram is Rs 3,300 per sq.ft, with M.G.R.Nagar's current value being below this median.