Guideline Value for MG Nagar NSK Street

MG Nagar NSK Street guideline value

The current guideline value of MG Nagar NSK Street is Rs 2,200 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 III Type - I.

How the guideline value of MG Nagar NSK Street has changed

Looking at the historical revisions, the guideline value for MG Nagar NSK Street was Rs 1,340 per sq.ft in 2017, which increased to Rs 2,000 per sq.ft in 2012. The value then rose to Rs 2,000 per sq.ft in 2023, and most recently, it has increased by 10% to Rs 2,200 per sq.ft in 2024. It is important to note that 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 the value decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has shown a modest increase of 10%.

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 a median value of Rs 2,800 per sq.ft. The guideline value for MG Nagar NSK Street is below this median.

• MG Nagar Mosque Street: Rs 2,800 per sq.ft (2024)
• MG Nagar Patwari lane: Rs 2,200 per sq.ft (2024)
• MG Nagar Mosque Cross Street: Rs 2,800 per sq.ft (2024)
• MG Nagar MGR Street: 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 NSK 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, making the total fees together 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.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers MG Nagar NSK Street?

The Sub Registrar Office that covers MG Nagar NSK Street is 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 a critical factor in the registration process of property transactions in Tharamani. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is in line with the prevailing market conditions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, thus influencing the overall cost of the transaction.

Frequently asked questions

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

The current guideline value of MG Nagar NSK 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 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, with various revisions in between.

What is the land classification for MG Nagar NSK Street?

The land classification for MG Nagar NSK Street is Residential Class III Type - I.

Where can I find the Adayar Sub Registrar Office?

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

How is stamp duty calculated for properties in Tharamani?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.