Guideline Value for MG Nagar Patwari lane

MG Nagar Patwari lane guideline value

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

How the guideline value of MG Nagar Patwari lane has changed

The guideline value for MG Nagar Patwari lane has seen several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017. However, the value increased to Rs 2,000 per sq.ft in 2023, and further rose to the current rate of Rs 2,200 per sq.ft in the 2024 revision.

From 2012 to 2017, the value decreased by 33%. Subsequently, there was a significant increase of 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, the guideline value has increased by 10% from 2012 to 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

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 of MG Nagar Patwari lane is below this median.

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

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 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.

You can also use the stamp duty and registration fee calculator for more accurate calculations based on your specific property details.

Which Sub Registrar Office covers MG Nagar Patwari lane?

The MG Nagar Patwari lane is covered by 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 crucial factor during the registration 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 state receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory costs involved in the transfer of property ownership. Buyers should be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of MG Nagar Patwari lane?

The current guideline value of MG Nagar Patwari lane 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 increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

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

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 property registration for MG Nagar Patwari lane?

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

What is the land classification of MG Nagar Patwari lane?

MG Nagar Patwari lane is classified as Residential Class III Type - I, indicating its designation for residential use within the area.