Guideline Value for MGM NAGAR

Mgm Nagar guideline value

The current guideline value of Mgm Nagar, located in Karunilam village under the Chengleput Joint II SRO, is Rs 700 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Mgm Nagar has changed

Over the years, the guideline value of Mgm Nagar has seen several revisions. The 2012 revision set the value at Rs 700 per sq.ft, which remained unchanged until the 2023 revision, also at Rs 700 per sq.ft. The register has no figures for the years 2002, 2003, and 2007. In contrast, the 2017 revision marked a significant increase to Rs 469 per sq.ft, representing a 49% rise from the previous figure in 2012, which was a decrease of 33% from the 2017 rate.

From 2012 to 2024, the overall change in the guideline value has been 0%, as the value has remained constant at Rs 700 per sq.ft since 2012. The most recent revision in 2024 shows no change from the previous year, maintaining the guideline value at Rs 700 per sq.ft.

Guideline values in Karunilam

In Karunilam village, there are 35 streets under the Chengleput Joint II SRO that carry a 2024 guideline value, ranging from Rs 400 to Rs 1,200 per sq.ft. The median guideline value for these streets is Rs 501 per sq.ft, placing Mgm Nagar's 2024 figure above that median.

• Metro Prasana Garden Phase -II: Rs 500 per sq.ft (2024)
• Metro Prasana Garden House Site Scheme: Rs 700 per sq.ft (2024)
• Metro Elite Home: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar Phase - V: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar Phase - IV: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar Phase - III: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Mgm Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 700 per sq.ft, the total guideline value amounts to Rs 7,00,000. The stamp duty at 7% would be Rs 49,000, and the registration fee at 2% would be Rs 14,000, bringing the total cost for these fees to Rs 63,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mgm Nagar?

The Mgm Nagar area falls under the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Karunilam

The guideline value is a crucial factor in property transactions within Karunilam. It serves as a benchmark for determining the minimum value of a property, which is essential for calculating stamp duty and registration fees during the registration process.

When purchasing or selling property, the guideline value ensures that both parties are aware of the official valuation set by the authorities. This helps maintain transparency and fairness in property transactions, as the fees are based on this established value.

Frequently asked questions

What is the current guideline value of Mgm Nagar?

The current guideline value of Mgm Nagar is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 700 per sq.ft since 2012, with a significant increase from Rs 469 per sq.ft in 2017. There were no figures available for the years 2002, 2003, and 2007.

What is the land classification of Mgm Nagar?

Mgm Nagar is classified as Residential Special Type - I, indicating its suitability for residential development.

How is stamp duty calculated for properties in Mgm Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, on a property valued at Rs 7,00,000, the stamp duty would be Rs 49,000 at a rate of 7%.

Where can I find the Sub Registrar Office for Mgm Nagar?

The Chengleput Joint II Sub Registrar Office covers Mgm Nagar and is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.