Guideline Value for MG Nagar Akbar Street

MG Nagar Akbar Street guideline value

The current guideline value of MG Nagar Akbar Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Tharamani village and falls under the Adayar SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of MG Nagar Akbar Street has changed

The guideline value for MG Nagar Akbar Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. Following this, the 2023 revision increased it back to Rs 2,500 per sq.ft, and the most recent 2024 revision has raised it further to Rs 2,800 per sq.ft.

From 2017 to 2023, there was a significant increase of 49%, followed by a 12% increase from 2023 to 2024. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 12%. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Tharamani

In Tharamani, there are 78 streets under the Adayar SRO with a 2024 guideline value ranging from Rs 1,700 to Rs 8,800 per sq.ft. The median value for these streets is Rs 2,800 per sq.ft, making the guideline value of MG Nagar Akbar Street equal to this median.

• MG Nagar Ambethkar Street: Rs 2,800 per sq.ft (2024)
• MG Nagar Anjukammal Street: Rs 2,200 per sq.ft (2024)
• MG Nagar Anthoniyar Koil Street: Rs 2,200 per sq.ft (2024)
• MG Nagar Jandha Street: Rs 2,200 per sq.ft (2024)
• MG Nagar Kattabomman Street: Rs 2,800 per sq.ft (2024)
• MG Nagar Kennady Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in MG Nagar Akbar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, leading to a total of 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 use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers MG Nagar Akbar Street?

The Sub Registrar Office that covers MG Nagar Akbar Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Tharamani. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used to calculate the applicable fees.

When a property is registered, the guideline value ensures that the government receives the correct amount of revenue from the transaction. It is essential for both buyers and sellers to be informed about the current guideline value to ensure compliance with legal requirements.

Frequently asked questions

What is the current guideline value of MG Nagar Akbar Street?

The current guideline value of MG Nagar Akbar Street 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 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,800 per sq.ft in 2024.

What is the land classification of MG Nagar Akbar Street?

The land classification for MG Nagar Akbar Street is Residential Class II Type - I.

What is the stamp duty rate for properties in MG Nagar Akbar Street?

The stamp duty rate for properties in MG Nagar Akbar Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Adayar Sub Registrar Office located?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.