Guideline Value for M.M. NAGAR PHASE-2

M.M. Nagar Phase-2 guideline value

The current guideline value of M.M. Nagar Phase-2 is Rs 1,430 per sq.ft. This area is located in Agaramthen village, under the Tambaram Joint 1 SRO, and is classified as Residential Special Type - I.

How the guideline value of M.M. Nagar Phase-2 has changed

The guideline value for M.M. Nagar Phase-2 has undergone several revisions over the years. The 2012 revision set the value at Rs 1,300 per sq.ft, which was then reduced to Rs 871 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,300 per sq.ft in 2023, and as of the latest 2024 revision, it stands at Rs 1,430 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value saw a notable increase of 49%. Overall, from 2012 to 2024, the value has increased by 10%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Agaramthen

Agaramthen village has a total of 125 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 440 to Rs 3,700 per sq.ft. The median guideline value for these streets is Rs 830 per sq.ft, placing M.M. Nagar Phase-2's 2024 figure above this median.

• M.M.Nagar: Rs 830 per sq.ft (2024)
• Monisha Avenue: Rs 1,760 per sq.ft (2024)
• M.G.R. Street: Rs 440 per sq.ft (2024)
• Muthu Mariamman Street: Rs 830 per sq.ft (2024)
• Mayana Salai (West): Rs 830 per sq.ft (2024)
• Mayana Salai (East): Rs 830 per sq.ft (2024)

Stamp duty and registration fee for property in M.M. Nagar Phase-2

For a 1,000 sq.ft plot at the current guideline value of Rs 1,430 per sq.ft, the total guideline value amounts to Rs 14,30,000. The stamp duty at 7% would be Rs 1,00,100, and the registration fee at 2% would be Rs 28,600, bringing the total fees together to Rs 1,28,700. 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 further calculations.

Which Sub Registrar Office covers M.M. Nagar Phase-2?

The M.M. Nagar Phase-2 area is covered by 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 Agaramthen

The guideline value is a crucial component during the registration of property transactions in Agaramthen. It serves as a benchmark for determining the stamp duty and registration fees that buyers and sellers must pay when transferring property ownership.

When a property is sold, the guideline value is assessed to ensure that the transaction is recorded accurately. The fees are calculated based on the higher of the guideline value or the sale price, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of M.M. Nagar Phase-2?

The current guideline value of M.M. Nagar Phase-2 is Rs 1,430 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,300 per sq.ft in 2023 to Rs 1,430 per sq.ft in 2024, reflecting a 10% increase. From 2017 to 2023, it increased by 49%, while it decreased from Rs 1,300 per sq.ft in 2012 to Rs 871 per sq.ft in 2017.

What is the land classification of M.M. Nagar Phase-2?

M.M. Nagar Phase-2 is classified as Residential Special Type - I, which indicates its suitability for residential development.

What are the stamp duty and registration fees for M.M. Nagar Phase-2?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees amount to Rs 1,28,700 based on the current guideline value.

Which office handles the registration for M.M. Nagar Phase-2?

The Tambaram Joint 1 Sub Registrar Office handles the registration for M.M. Nagar Phase-2, located at No.26, mes Road, East Tambaram, Chennai-600059.