Guideline Value for MGR Nagar

MGR Nagar guideline value

The current guideline value of MGR Nagar is Rs 1,210 per sq.ft, effective from 1 July 2024. This area is located in Mudichur village and falls under the Padappai SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of MGR Nagar has changed

The guideline value for MGR Nagar has seen several revisions over the years. The earliest recorded figure is from 2012, when it was Rs 1,100 per sq.ft. This value remained unchanged until the next revision in 2017, where it dropped to Rs 737 per sq.ft. The subsequent revision in 2023 increased the value to Rs 1,100 per sq.ft, and the most recent revision in 2024 raised it further to Rs 1,210 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Between the revisions, the changes are as follows: from 2017 to 2023, there was a significant increase of 49%. However, from 2012 to 2017, the value decreased by 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Mudichur

Mudichur village has a total of 135 streets under the Padappai SRO that carry a guideline value for 2024, ranging from Rs 880 to Rs 4,000 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of MGR Nagar is below this median.

• Meenakshi Nagar: Rs 1,210 per sq.ft (2024)
• Mayana Salai: Rs 1,210 per sq.ft (2024)
• Maruthi Nagar: Rs 2,200 per sq.ft (2024)
• Mudichur Road: Rs 3,630 per sq.ft (2024)
• Mudichur West: Rs 2,200 per sq.ft (2024)
• M.A.M Nagar: Rs 3,630 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 1,210 per sq.ft, the total guideline value would be Rs 12,10,000. The stamp duty at 7% would amount to Rs 84,700, and the registration fee at 2% would be Rs 24,200, resulting in a total of Rs 1,08,900. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating costs, 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 Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Mudichur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on an official valuation rather than the sale price alone.

When buying or selling property, the guideline value helps determine the legal and financial obligations of both parties. It is essential for ensuring compliance with local regulations and for facilitating a smooth transaction process.

Frequently asked questions

What is the current guideline value of MGR Nagar?

The current guideline value of MGR Nagar is Rs 1,210 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2012 to Rs 737 per sq.ft in 2017, then back to Rs 1,100 per sq.ft in 2023, and finally to Rs 1,210 per sq.ft in 2024.

What is the land classification for MGR Nagar?

The land classification for MGR Nagar is Residential Class II Type - I, indicating its designation for residential purposes.

Where can I find information on other streets in Mudichur?

Information on other streets in Mudichur can be found in the guideline value register, which lists various streets and their respective guideline values.

What are the stamp duty and registration fees for property in MGR Nagar?

For a property valued at Rs 12,10,000, the stamp duty is Rs 84,700, and the registration fee is Rs 24,200, totaling Rs 1,08,900.