Guideline Value for M.R.G.NAGAR MAIN ROAD

M.R.G.Nagar Main Road guideline value

The current guideline value of M.R.G.Nagar Main Road is Rs 2,800 per sq.ft, effective from 1 July 2024. This road is located in Okkiyamthuraipakkam village, under the Neelankarai SRO. The land classification for this area is Residential Class II Type - II.

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

The guideline value for M.R.G.Nagar Main Road has undergone several revisions over the years. Starting from the 2012 revision, the value was Rs 2,500 per sq.ft. This figure remained until the 2017 revision, where it decreased to Rs 1,675 per sq.ft, a reduction of 33%. In the 2023 revision, the value increased significantly to Rs 2,500 per sq.ft, and then further rose to Rs 2,800 per sq.ft in the 2024 revision, marking a 12% increase from the previous year.

Between the 2017 and 2023 revisions, there was a substantial increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 12%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value of these streets is Rs 3,300 per sq.ft, indicating that the guideline value of M.R.G.Nagar Main Road is below this median.

• M.R.G.Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• M.R.G.Nagar 1st Street: Rs 2,800 per sq.ft (2024)
• M.R.G.Nagar: Rs 2,800 per sq.ft (2024)
• Mount Batten Road 1,2,3: Rs 3,900 per sq.ft (2024)
• Mount Batten Prabhu Street: Rs 3,900 per sq.ft (2024)
• M.R.Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in M.R.G.Nagar Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total to Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers M.R.G.Nagar Main Road 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 information.

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

The guideline value is a crucial figure in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as the basis for calculating the stamp duty and registration fees that are payable at the time of registration.

When a property is sold, the sale price and the guideline value are compared, and the higher amount is used to determine the applicable duties. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of M.R.G.Nagar Main Road?

The current guideline value of M.R.G.Nagar Main Road is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,800 per sq.ft in 2024, which is a 12% increase. It was Rs 1,675 per sq.ft in 2017 and Rs 2,500 per sq.ft in 2012, showing significant fluctuations over the years.

What is the land classification for M.R.G.Nagar Main Road?

The land classification for M.R.G.Nagar Main Road is Residential Class II Type - II, indicating its use for residential purposes.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in M.R.G.Nagar Main Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 28,00,000, the stamp duty at 7% would be Rs 1,96,000, plus a registration fee of 2% amounting to Rs 56,000.