Guideline Value for M.R.G.NAGAR

M.R.G.Nagar guideline value

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

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

The guideline value for M.R.G.Nagar has seen significant changes over the years. In 2003, the value was Rs 111 per sq.ft, which increased to Rs 500 per sq.ft in 2007, marking a 350% rise. The value then surged to Rs 2,500 per sq.ft in 2012, reflecting a 400% increase from the previous revision. However, it dropped to Rs 1,675 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 2,500 per sq.ft in 2023, and most recently, it has increased to Rs 2,800 per sq.ft in 2024, a change of 12%.

Overall, from 2003 to 2024, the guideline value has increased by 2423%. It is important to note that the register has no figure for M.R.G.Nagar in 2002.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values for 2024 ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing M.R.G.Nagar's 2024 figure below this median.

• M.R.G.Nagar 1st Street: Rs 2,800 per sq.ft (2024)
• M.R.G.Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• M.R.G.Nagar Main Road: 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

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 fees 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.

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

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

The Sub Registrar Office covering M.R.G.Nagar 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

When buying or selling property in Okkiyamthuraipakkam, the guideline value is used as a benchmark for determining the stamp duty and registration fees. The fees are calculated based on the higher of the guideline value or the actual sale price of the property.

This ensures that the authorities have a standard measure for property transactions, helping to maintain consistency in the registration process across the region.

Frequently asked questions

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

The current guideline value of M.R.G.Nagar 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 111 per sq.ft in 2003 to Rs 2,800 per sq.ft in 2024, showing a significant increase over the years, including a 12% rise from 2023 to 2024.

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

M.R.G.Nagar is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property in M.R.G.Nagar?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

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

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