Guideline Value for MG Nagar Mosque Street

MG Nagar Mosque Street guideline value

The current guideline value of MG Nagar Mosque Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Tharamani village under the Adayar SRO, classified as Residential Class II Type - I.

How the guideline value of MG Nagar Mosque Street has changed

The guideline value for MG Nagar Mosque Street has undergone 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 2023, and then rose again to Rs 2,800 per sq.ft in the 2024 revision, marking a 12% increase from the previous year.

From 2017 to 2023, there was a substantial increase of 49%. However, the 2012 to 2017 period saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 12%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Tharamani

In Tharamani village, 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 a median value of Rs 2,800 per sq.ft. MG Nagar Mosque Street's 2024 figure is equal to this median.

• MG Nagar Mosque Cross Street: Rs 2,800 per sq.ft (2024)
• MG Nagar NSK Street: Rs 2,200 per sq.ft (2024)
• MG Nagar MGR 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 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, charged at 7%, would be Rs 1,96,000, while the registration fee at 2% would be Rs 56,000. Together, these fees amount 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.

Which Sub Registrar Office covers MG Nagar Mosque Street?

The MG Nagar Mosque Street falls under the jurisdiction of 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. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property. Buyers and sellers should be aware that the guideline value will directly influence the overall cost of the transaction.

When registering a property, the guideline value is assessed to ensure that the appropriate fees are collected. This process helps maintain transparency and fairness in property transactions, ensuring that all parties are aware of the financial implications involved.

Frequently asked questions

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

The current guideline value of MG Nagar Mosque 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 to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,800 per sq.ft in 2024.

What are the registration fees for property transactions?

The registration fees are calculated based on the guideline value, with a stamp duty of 7% and a registration fee of 2%. For example, a property valued at Rs 28,00,000 would incur fees totaling Rs 2,52,000.

Which office handles registrations for MG Nagar Mosque Street?

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

What is the land classification for MG Nagar Mosque Street?

MG Nagar Mosque Street is classified as Residential Class II Type - I, which indicates its suitability for residential purposes.