Guideline Value for M.P Nagar

M.P Nagar guideline value

The current guideline value of M.P Nagar, located in Malaipattu village under the Sunguvarchattram SRO, is Rs 200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of M.P Nagar has changed

The guideline value for M.P Nagar has seen several revisions over the years. The oldest recorded revision is from 2012, where the value was Rs 200 per sq.ft. In 2017, it decreased to Rs 134 per sq.ft, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49%, bringing it back to Rs 200 per sq.ft in 2023, which remained unchanged in the 2024 revision.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has remained constant at Rs 200 per sq.ft.

Guideline values in Malaipattu

Malaipattu village features 36 streets under the Sunguvarchattram SRO, with the 2024 guideline values ranging from Rs 150 to Rs 1,181 per sq.ft. The median value across these streets is Rs 200 per sq.ft, which is the same as the guideline value for M.P Nagar. Below are the guideline values for other streets in Malaipattu:

• MGR Street: Rs 200 per sq.ft (2024)
• Lakshmi Land: Rs 150 per sq.ft (2024)
• Kullakarai Street: Rs 150 per sq.ft (2024)
• Pavazhathamman Street: Rs 200 per sq.ft (2024)
• Pazhavathamman Nagar: Rs 300 per sq.ft (2024)
• Krishnamoorthy Salai: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in M.P Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the total guideline value amounts to Rs 2,00,000. The stamp duty is calculated at 7%, which totals Rs 14,000, and the registration fee is 2%, amounting to Rs 4,000. Therefore, the total cost for stamp duty and registration fees together is Rs 18,000. It is essential to note that the 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.P Nagar?

The Sub Registrar Office that covers M.P Nagar is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Malaipattu. It serves as a benchmark for determining the value of the property for taxation purposes, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property transaction occurs, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures transparency and consistency in property transactions within the area.

Frequently asked questions

What is the current guideline value of M.P Nagar?

The current guideline value of M.P Nagar is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various revisions, with the most recent changes being a constant Rs 200 per sq.ft from 2012 to 2024, after a decline to Rs 134 per sq.ft in 2017.

What is the land classification of M.P Nagar?

M.P Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for M.P Nagar?

The Sub Registrar Office for M.P Nagar is located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone.

How is stamp duty calculated for properties in M.P Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at Rs 200 per sq.ft, the stamp duty would be Rs 14,000, along with a registration fee of Rs 4,000.