Guideline Value for MGR nagar

MGR nagar guideline value

The current guideline value for MGR nagar, located in Poonthamallee village under the Poonamallee SRO, is Rs 2,200 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 significant changes over the years. The earliest recorded figure is from 2007, which was Rs 300 per sq.ft. This increased dramatically to Rs 2,000 per sq.ft in 2012, marking a substantial rise of 567%. However, the value then decreased to Rs 1,340 per sq.ft in 2017, a decline of 33%. Following this, the value rose to Rs 2,000 per sq.ft in 2023, and then further increased to the current rate of Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 figure to the current 2024 rate, there has been an increase of 633%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Poonthamallee

In Poonthamallee, there are 257 streets under the Poonamallee SRO that carry a 2024 guideline value, ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median value is Rs 2,200 per sq.ft, which aligns with the guideline value for MGR nagar.

• MG nagar: Rs 4,950 per sq.ft (2024)
• Melma nagar: Rs 2,200 per sq.ft (2024)
• Meera sahib street: Rs 2,200 per sq.ft (2024)
• M.M.Nagar: Rs 2,200 per sq.ft (2024)
• Mohamed quarters: Rs 2,200 per sq.ft (2024)
• Mohana nagar: Rs 2,200 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total fees would be Rs 1,98,000. 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 precise calculations.

Which Sub Registrar Office covers MGR nagar?

The Sub Registrar Office that covers MGR nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Poonthamallee. It serves as a benchmark for determining the minimum value of a property for registration purposes. This value is used to calculate the stamp duty and registration fees that must be paid during the transaction.

When a buyer and seller agree on a sale price, the stamp duty is calculated based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of MGR nagar?

The current guideline value of MGR nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 300 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 633% over the years.

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 rates for property in MGR nagar?

The stamp duty for property in MGR nagar is charged at 7% of the guideline value or the sale price, whichever is higher.

Which office handles property registrations for MGR nagar?

The Poonamallee Sub Registrar Office handles property registrations for MGR nagar, located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056.