Guideline Value for Cheran Street (MGR Nagar)

Cheran Street (MGR Nagar) guideline value

The current guideline value of Cheran Street (MGR Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO, classified as Residential Class IV Type - II.

How the guideline value of Cheran Street (MGR Nagar) has changed

The guideline value for Cheran Street (MGR Nagar) has undergone several revisions over the years. The earliest recorded figure is from 2012, where the guideline value was Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in 2017. In 2023, the value increased to Rs 3,000 per sq.ft, and the latest revision in 2024 set the value at Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, there was a significant increase of 49%. The overall change from 2012 to 2024 reflects a modest increase of 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kodambakkam

Kodambakkam village has a total of 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Cheran Street (MGR Nagar) below this median.

• Cheran Street (Parri Nagar): Rs 5,500 per sq.ft (2024)
• Chetty Street: Rs 4,900 per sq.ft (2024)
• Chidambaram Street (S.V) (JPT): Rs 4,900 per sq.ft (2024)
• Chidambaranar Street: Rs 4,900 per sq.ft (2024)
• Chippaithottam 1st Street: Rs 4,100 per sq.ft (2024)
• Chandrasekaran Street: Rs 4,100 per sq.ft (2024)

Stamp duty and registration fee for property in Cheran Street (MGR Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty, calculated at 7%, would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 details on fees applicable to your property.

Which Sub Registrar Office covers Cheran Street (MGR Nagar)?

The Sub Registrar Office that covers Cheran Street (MGR Nagar) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kodambakkam. It serves as the benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer must pay the stamp duty 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 Cheran Street (MGR Nagar)?

The current guideline value of Cheran Street (MGR Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then back to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What are the guideline values of other streets in Kodambakkam?

Other streets in Kodambakkam have varying guideline values, with rates ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median for these streets is Rs 4,900 per sq.ft.

What are the stamp duty and registration fees for properties on Cheran Street (MGR Nagar)?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.

Where can I find the Sub Registrar Office for Cheran Street (MGR Nagar)?

The Ashok Nagar Sub Registrar Office covers Cheran Street (MGR Nagar) and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.