Guideline Value for MGR NAGAR

Mgr Nagar guideline value

The current guideline value of Mgr Nagar, located in Vedanareyanapuram village, is Rs 501 per sq.ft, effective from 1 July 2024. This area falls under the Chengleput Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Mgr Nagar has changed

Over the years, the guideline value of Mgr Nagar has seen several revisions. The 2012 revision set the value at Rs 500 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 335 per sq.ft. Following this, the 2023 revision increased the value to Rs 500 per sq.ft, and the most recent 2024 revision has set it at Rs 501 per sq.ft, reflecting no change from the previous year.

Between the revisions, the most significant change occurred from 2017 to 2023, with an increase of 49%. However, when comparing the overall guideline value from 2012 to 2024, there has been no net increase, as the value remains at Rs 501 per sq.ft, the same as the 2024 revision.

Guideline values in Vedanareyanapuram

In Vedanareyanapuram, there are 31 streets under the Chengleput Joint I SRO that have a 2024 guideline value ranging from Rs 400 to Rs 2,050 per sq.ft, with a median value of Rs 600 per sq.ft. Mgr Nagar's current guideline value is below this median.

• Perumal Nagar: Rs 500 per sq.ft (2024)
• Perumal Nagar Ext: Rs 500 per sq.ft (2024)
• Ponniyamman Nagar: Rs 500 per sq.ft (2024)
• Ragava Nagar Extension-II: Rs 900 per sq.ft (2024)
• Ragavan Nagar: Rs 500 per sq.ft (2024)
• Ragavendra nagar: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Mgr Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 501 per sq.ft, the total guideline value amounts to Rs 5,01,000. The stamp duty, charged at 7%, would be Rs 35,070, and the registration fee at 2% would be Rs 10,020, making the total fees together Rs 45,090. 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 Mgr Nagar?

The Sub Registrar Office that covers Mgr Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Vedanareyanapuram. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties in a transaction are aware of the financial obligations associated with the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Mgr Nagar?

The current guideline value of Mgr Nagar is Rs 501 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2012 revision, the guideline value has fluctuated, with the most notable change being a drop to Rs 335 per sq.ft in 2017, followed by a return to Rs 500 per sq.ft in 2023 and then a slight increase to Rs 501 per sq.ft in 2024.

What are the guideline values for other streets in Vedanareyanapuram?

Other streets in Vedanareyanapuram have guideline values ranging from Rs 400 to Rs 2,050 per sq.ft, with a median value of Rs 600 per sq.ft, making Mgr Nagar's value below this median.

What fees are associated with property registration in Mgr Nagar?

When registering property in Mgr Nagar, buyers must pay a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office for Mgr Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.