Guideline Value for MG Nagar MGR Street

MG Nagar MGR Street guideline value

The current guideline value of MG Nagar MGR Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Tharamani village, under the Adayar SRO, and is classified as Residential Class III Type - I.

How the guideline value of MG Nagar MGR Street has changed

The guideline value for MG Nagar MGR Street has seen several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft. This figure was then revised down to Rs 1,340 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, marking a 49% rise. The latest revision in 2024 has set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street, indicating that the guideline value was not recorded during those years.

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 value for these streets is Rs 2,800 per sq.ft, which means that MG Nagar MGR Street's 2024 figure is below the median.

• MG Nagar Mosque Cross Street: Rs 2,800 per sq.ft (2024)
• MG Nagar Mosque Street: Rs 2,800 per sq.ft (2024)
• MG Nagar Kirubalani Street: Rs 2,200 per sq.ft (2024)
• MG Nagar NSK Street: Rs 2,200 per sq.ft (2024)
• MG Nagar Kennady Street: Rs 2,200 per sq.ft (2024)
• MG Nagar Patwari lane: Rs 2,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers MG Nagar MGR Street?

The Sub Registrar Office that covers MG Nagar MGR 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 in the registration process of property transactions in Tharamani. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure they are paying the correct fees during the registration process.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of MG Nagar MGR Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of MG Nagar MGR Street?

MG Nagar MGR Street is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for a property in MG Nagar MGR Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for MG Nagar MGR Street?

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