Guideline Value for M.G.R 1st Street

M.G.R 1st Street guideline value

The current guideline value of M.G.R 1st Street in Madambakkam village, under the Selaiyur SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

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

The guideline value for M.G.R 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which was then reduced to Rs 670 per sq.ft in the 2017 revision. This represents a decrease of 33%. However, the most recent 2024 revision has increased the guideline value to Rs 1,100 per sq.ft, marking a significant increase of 64% from 2017.

Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a slight increase of 10%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO carrying a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. The guideline value of M.G.R 1st Street is below this median.

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

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total charges to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

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

The M.G.R 1st Street falls under the jurisdiction of 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.

To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Madambakkam. It serves as a benchmark for determining the value of properties during registration, ensuring that properties are registered at a value that reflects the current market conditions as per the government’s assessment.

When buying or selling a property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for legal documentation. Buyers and sellers must be aware of these values to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of M.G.R 1st Street 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, and then to Rs 1,100 per sq.ft in 2024. This shows a significant increase of 64% from 2017 to 2024.

What is the land classification of M.G.R 1st Street?

M.G.R 1st Street is classified under Residential Class III Type - I.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office 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 M.G.R 1st Street?

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