Guideline Value for MGR NAGAR PHASE-II

Mgr Nagar Phase-II guideline value

The current guideline value of Mgr Nagar Phase-II is Rs 103 per sq.ft, effective from 1 July 2024. This area is located in Kattankulam village under the Salavakkam Sub Registrar Office (SRO). The land classification for this street is Residential Special Type - I.

How the guideline value of Mgr Nagar Phase-II has changed

The guideline value for Mgr Nagar Phase-II has undergone several revisions over the years. In 2012, the value was Rs 100 per sq.ft, which then decreased to Rs 67 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 100 per sq.ft in 2023, and has now risen to Rs 103 per sq.ft in the 2024 revision, marking a 3% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value saw a substantial increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 3%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kattankulam

In Kattankulam village, there are eight streets under the Salavakkam SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 103 per sq.ft. The median value for these streets is Rs 103 per sq.ft, which is equal to the 2024 figure for Mgr Nagar Phase-II.

• Mgr Nagar Phase-I: Rs 103 per sq.ft (2024)
• Palace Estate Avenue: Rs 103 per sq.ft (2024)
• Gilli Garden Phase-II: Rs 103 per sq.ft (2024)
• Gilli Garden Phase-I: Rs 103 per sq.ft (2024)
• Gandhi Nagar: Rs 102 per sq.ft (2024)
• Deepam Ambani Nagar: Rs 103 per sq.ft (2024)

Stamp duty and registration fee for property in Mgr Nagar Phase-II

For a 1,000 sq.ft plot at the current guideline value of Rs 103 per sq.ft, the total guideline value amounts to Rs 1,03,000. The stamp duty at 7% would be Rs 7,210, and the registration fee at 2% would be Rs 2,060, bringing the total to Rs 9,270. 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 on fees applicable to your property transaction.

Which Sub Registrar Office covers Mgr Nagar Phase-II?

The Sub Registrar Office that covers Mgr Nagar Phase-II is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.

To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Kattankulam. It is used to determine the stamp duty and registration fees during the sale or purchase of property. Buyers and sellers must reference this value to ensure compliance with local regulations and to accurately calculate the costs associated with the transaction.

When registering property, the guideline value is essential for establishing the official value of the property being transferred. This value is used by the registration office to assess applicable fees, ensuring that all transactions are conducted fairly and transparently.

Frequently asked questions

What is the current guideline value of Mgr Nagar Phase-II?

The current guideline value of Mgr Nagar Phase-II is Rs 103 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2012 to Rs 67 per sq.ft in 2017, then to Rs 100 per sq.ft in 2023, and finally to Rs 103 per sq.ft in 2024.

What is the land classification for Mgr Nagar Phase-II?

The land classification for Mgr Nagar Phase-II is Residential Special Type - I.

Where is the Salavakkam Sub Registrar Office located?

The Salavakkam Sub Registrar Office is located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.

How is stamp duty calculated for properties in Mgr Nagar Phase-II?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 103 per sq.ft would incur a stamp duty of Rs 7,210.