Guideline Value for M.G.R 1st Main Road

M.G.R 1st Main Road guideline value

The current guideline value of M.G.R 1st Main Road is Rs 1,100 per sq.ft, effective from 1 July 2024. This road is located in Chembakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Class III Type - II.

How the guideline value of M.G.R 1st Main Road has changed

The guideline value for M.G.R 1st Main Road has seen several revisions over the years. In 2012, the value was Rs 1,000 per sq.ft, which then decreased to Rs 670 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,000 per sq.ft in 2023, and most recently, it rose to Rs 1,100 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The changes between the revisions include a 49% increase from 2017 to 2023 and a decrease of 33% from 2012 to 2017. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft, with a median value of Rs 2,200 per sq.ft. M.G.R 1st Main Road's 2024 figure is below this median.

• M.G.R 1st Cross Street: Rs 1,100 per sq.ft (2024)
• M.G.R. 1st Street: Rs 1,100 per sq.ft (2024)
• M.G.R 2nd Cross Street: Rs 1,100 per sq.ft (2024)
• M.G.R. 2nd Street: Rs 1,100 per sq.ft (2024)
• M.G.R 3rd Cross Street: Rs 1,100 per sq.ft (2024)
• M.G.R. 3rd Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total fees together to Rs 99,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.G.R 1st Main Road?

The Sub Registrar Office that covers M.G.R 1st Main Road is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Chembakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a benchmark for both parties. It helps in establishing a fair price for the transaction, as the stamp duty is calculated on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of M.G.R 1st Main Road?

The current guideline value of M.G.R 1st Main Road is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for M.G.R 1st Main Road?

The land classification for M.G.R 1st Main Road is Residential Class III Type - II.

Where can I find the Sub Registrar Office for M.G.R 1st Main Road?

The Sub Registrar Office for M.G.R 1st Main Road is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in Chembakkam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 11,00,000, the stamp duty at 7% would be Rs 77,000.