Guideline Value for MG Nagar Ambethkar Street

MG Nagar Ambethkar Street guideline value

The current guideline value of MG Nagar Ambethkar 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 Ambethkar Street has changed

The guideline value for MG Nagar Ambethkar Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,500 per sq.ft in the 2023 revision, and currently stands at Rs 2,800 per sq.ft as per the 2024 revision, marking a 12% increase from the previous year.

From 2012 to 2024, the overall change in guideline value is an increase of 12%. Notably, there are no recorded figures for the years 2002, 2003, and 2007 for this street in the register.

Guideline values in Tharamani

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

• MG Nagar Akbar 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 Ambethkar Street

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 use the stamp duty and registration fee calculator for more details on fees applicable to your property transaction.

Which Sub Registrar Office covers MG Nagar Ambethkar Street?

The MG Nagar Ambethkar Street falls under the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. For more information, you can find your SRO.

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

The guideline value is an essential factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Tharamani, the guideline value is used to calculate the stamp duty and registration fees that need to be paid during the registration process.

It is crucial for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements and to understand the financial implications of their property transactions.

Frequently asked questions

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

The current guideline value of MG Nagar Ambethkar 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 2023 to Rs 2,800 per sq.ft in 2024, representing a 12% increase. It was Rs 1,675 per sq.ft in 2017 and Rs 2,500 per sq.ft in 2012.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft property at the current guideline value, the total fees would be Rs 2,52,000.

Which office handles property registrations for MG Nagar Ambethkar Street?

The Adayar Sub Registrar Office handles property registrations for MG Nagar Ambethkar Street, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

What is the land classification for MG Nagar Ambethkar Street?

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