Guideline Value for MGR Nagar (Ward-30)

MGR Nagar (Ward-30) guideline value

The current guideline value of MGR Nagar (Ward-30) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of MGR Nagar (Ward-30) has changed

Over the years, the guideline value of MGR Nagar (Ward-30) has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 1,200 per sq.ft, and the most recent 2024 revision has set it at Rs 1,300 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

In terms of percentage changes, the guideline value increased by 8% from 2023 to 2024, and by 49% from 2017 to 2023. However, there was a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing MGR Nagar (Ward-30) below the median.

• M.G.R. Nagar (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar (Mettupalayam): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar Main Road (Ward 30): Rs 1,300 per sq.ft (2024)
• MGR St, Ponniammanmedu (Ward-22): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 8th Street (Ward 30): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 7th Street (Ward 30): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in MGR Nagar (Ward-30)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. Please note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers MGR Nagar (Ward-30)?

The Sub Registrar Office that covers MGR Nagar (Ward-30) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. The guideline value is set by the government and is updated periodically to reflect changes in the real estate market.

When registering a property, buyers must pay stamp duty based on the higher of the guideline value or the actual sale price. This ensures that the government receives the appropriate revenue from property transactions, thereby maintaining a fair system for all parties involved.

Frequently asked questions

What is the current guideline value of MGR Nagar (Ward-30)?

The current guideline value of MGR Nagar (Ward-30) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What are the other streets in Madhavaram with the same guideline value?

Other streets in Madhavaram with a guideline value of Rs 1,300 per sq.ft for 2024 include M.G.R. Nagar (Ponniamman Medu), M.G.R. Nagar (Mettupalayam), M.G.R. Nagar Main Road (Ward 30), MGR St, Ponniammanmedu (Ward-22), M.G.R. Nagar 8th Street (Ward 30), and M.G.R. Nagar 7th Street (Ward 30).

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How is stamp duty calculated in MGR Nagar (Ward-30)?

Stamp duty in MGR Nagar (Ward-30) is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at a rate of 7%.