Guideline Value for MG Nagar Mosque Cross Street

MG Nagar Mosque Cross Street guideline value

The current guideline value of MG Nagar Mosque Cross 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 Mosque Cross Street has changed

The guideline value for MG Nagar Mosque Cross 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 2017. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023, and finally, the current rate is Rs 2,800 per sq.ft from the 2024 revision. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%, while from 2023 to 2024, it rose by 12%. Overall, comparing the figures from 2012 to 2024, there is a net increase of 12% in the guideline value.

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, with the median value being Rs 2,800 per sq.ft. MG Nagar Mosque Cross Street's 2024 figure matches this median value.

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

Which Sub Registrar Office covers MG Nagar Mosque Cross Street?

The Sub Registrar Office that covers MG Nagar Mosque Cross 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 is a crucial factor in property transactions in Tharamani, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of MG Nagar Mosque Cross Street?

The current guideline value of MG Nagar Mosque Cross 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 increased 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 for MG Nagar Mosque Cross Street?

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

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

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a total fee of Rs 2,52,000 based on the current guideline value.

Which office handles property registrations for MG Nagar Mosque Cross Street?

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