Guideline Value for MGR Nagar

MGR Nagar guideline value

The current guideline value of MGR Nagar, located in Perampakkam village under the Perambakkam SRO, is Rs 350 per sq.ft, effective from 1 July 2024. This area is classified as 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 2007 revision recorded a high of Rs 3,00,000 per sq.ft, but this was followed by a drastic decrease to Rs 350 per sq.ft in the 2012 revision, marking a 100% drop. The value remained at Rs 350 per sq.ft until the 2017 revision, where it increased to Rs 234 per sq.ft, reflecting a decrease of 33%. The 2023 revision maintained the value at Rs 350 per sq.ft, and the same value was carried into the 2024 revision, indicating no change from the previous year.

In summary, from the 2017 revision to the 2023 revision, the value increased by 50%. Overall, from 2007 to 2024, the guideline value has decreased by 100%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Perampakkam

In Perampakkam, there are 20 streets under the Perambakkam SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 500 per sq.ft. The median value for these streets is Rs 350 per sq.ft, which is equal to the guideline value of MGR Nagar.

• Mudaliar St: Rs 200 per sq.ft (2024)
• Nallathamman Koil St: Rs 326 per sq.ft (2024)
• KK Nagar: Rs 350 per sq.ft (2024)
• Kavarai St (Chetti St): Rs 350 per sq.ft (2024)
• Perumal Koil St: Rs 400 per sq.ft (2024)
• Pettai St: Rs 350 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 350 per sq.ft, the total guideline value amounts to Rs 3,50,000. The stamp duty at 7% would be Rs 24,500, and the registration fee at 2% would be Rs 7,000, bringing the total to Rs 31,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, 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 Perambakkam Sub Registrar Office, located at Jothi Ramalinga Nagar, near Post Office, Perambakkam, 631402, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor in property transactions in Perampakkam, as it determines the amount of stamp duty and registration fees payable during the buying and selling process. When registering a property, the guideline value is used to calculate these fees, ensuring compliance with local regulations.

It is essential for buyers and sellers to be aware of the current guideline value, as it can significantly impact the overall costs associated with property transactions. Understanding how this value is set and revised can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of MGR Nagar?

The current guideline value of MGR Nagar is Rs 350 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most significant drop occurring from Rs 3,00,000 per sq.ft in 2007 to Rs 350 per sq.ft in 2012. The value remained at Rs 350 per sq.ft until the 2023 revision, which also recorded the same value.

What is the land classification of MGR Nagar?

MGR Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 3,50,000, the stamp duty would be Rs 24,500 and the registration fee would be Rs 7,000, totaling Rs 31,500. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers MGR Nagar?

The Perambakkam Sub Registrar Office covers MGR Nagar, located at Jothi Ramalinga Nagar, near Post Office, Perambakkam, 631402, Chennai registration zone.