Guideline Value for Mahathma Gandhi Nagar

Mahathma Gandhi Nagar guideline value

The current guideline value of Mahathma Gandhi Nagar, located in Tharamani village under the Adayar SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Mahathma Gandhi Nagar has changed

The guideline value for Mahathma Gandhi Nagar has seen several revisions over the years. The register shows that in 2002, the value was Rs 159 per sq.ft, which increased to Rs 300 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,250 per sq.ft in 2007, and then it doubled to Rs 2,500 per sq.ft in 2012. However, it decreased by 33% to Rs 1,675 per sq.ft in 2017. The value then increased substantially to Rs 2,500 per sq.ft in 2023, before reaching the current rate of Rs 2,800 per sq.ft in 2024.

In terms of percentage changes, the guideline value increased by 89% from 2002 to 2003, followed by a 317% increase from 2003 to 2007. The value then saw a 100% increase from 2007 to 2012, followed by a 33% decrease from 2012 to 2017. The value rose by 49% from 2017 to 2023, and finally, there was a 12% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1661%.

Guideline values in Tharamani

In Tharamani, there are 78 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 8,800 per sq.ft. The median value for these streets is Rs 2,800 per sq.ft, which is the same as the current guideline value for Mahathma Gandhi Nagar.

• Ma.Po.Si. Street: Rs 2,800 per sq.ft (2024)
• Mariyamman Koil Street: Rs 2,200 per sq.ft (2024)
• MG Nagar Akbar Street: Rs 2,800 per sq.ft (2024)
• MG Nagar Ambethkar Street: Rs 2,800 per sq.ft (2024)
• MG Nagar Anjukammal Street: Rs 2,200 per sq.ft (2024)
• MG Nagar Anthoniyar Koil Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Mahathma Gandhi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total charges to Rs 2,52,000. 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 Mahathma Gandhi Nagar?

The Sub Registrar Office that covers Mahathma Gandhi Nagar is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering a property in Tharamani. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the government records.

When a property is bought or sold, the guideline value helps in calculating the stamp duty and registration fees. Buyers and sellers must consider this value to ensure compliance with the legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Mahathma Gandhi Nagar?

The current guideline value of Mahathma Gandhi Nagar is Rs 2,800 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 159 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1661% over the years.

What is the land classification for Mahathma Gandhi Nagar?

The land classification for Mahathma Gandhi Nagar is Residential Class II Type - I.

What are the stamp duty and registration fees for properties in this area?

Stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total charges would be Rs 2,52,000.

Where is the Adayar Sub Registrar Office located?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.