Guideline Value for M.G.R 2st cross street

M.G.R 2st cross street guideline value

The current guideline value of M.G.R 2st cross street is Rs 880 per sq.ft, effective from 1 July 2024. This street is located in Peerklankaranai village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of M.G.R 2st cross street has changed

The guideline value for M.G.R 2st cross street has undergone several revisions over the years. The 2012 revision set the value at Rs 800 per sq.ft, which was then reduced to Rs 536 per sq.ft in the 2017 revision. Following this, the value increased to Rs 800 per sq.ft in the 2023 revision, and finally, the current value stands at Rs 880 per sq.ft as of the 2024 revision. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%, with the value dropping to Rs 536 per sq.ft. However, from 2017 to 2023, the value increased significantly by 49%. The overall change from 2012 to 2024 reflects a 10% increase, bringing the current guideline value to Rs 880 per sq.ft.

Guideline values in Peerklankaranai

In Peerklankaranai, there are 322 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 880 to Rs 4,400 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, indicating that M.G.R 2st cross street's 2024 figure is below this median.

• M.G.R 1st cross street: Rs 880 per sq.ft (2024)
• M.G.R. Nagar Bharathiyar Street: Rs 880 per sq.ft (2024)
• M.G.R. Nagar ilango Street: Rs 880 per sq.ft (2024)
• M.G.R. Nagar Kattabomman Street: Rs 880 per sq.ft (2024)
• M.G.R. Nagar Thiruvalluvar Street: Rs 880 per sq.ft (2024)
• M.G.R. Nagar Valmeeki Street: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R 2st cross street

For a 1,000 sq.ft plot at the current guideline value of Rs 880 per sq.ft, the total guideline value would be Rs 8,80,000. The stamp duty at 7% would amount to Rs 61,600, and the registration fee at 2% would be Rs 17,600, making the total cost for stamp duty and registration Rs 79,200. Duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.G.R 2st cross street?

The Sub Registrar Office that covers M.G.R 2st cross street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Peerklankaranai

The guideline value is a crucial factor in property transactions in Peerklankaranai. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold. When registering a property, the guideline value is used to calculate the duties payable, ensuring compliance with local regulations.

Buyers and sellers should be aware that the guideline value may differ from the actual sale price of the property. In such cases, the stamp duty is charged on the higher amount, either the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of M.G.R 2st cross street?

The current guideline value of M.G.R 2st cross street is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2012 to Rs 536 per sq.ft in 2017, then increased to Rs 800 per sq.ft in 2023, and is now Rs 880 per sq.ft in 2024.

What is the land classification for M.G.R 2st cross street?

The land classification for M.G.R 2st cross street is Residential Class II Type - II.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for M.G.R 2st cross street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in Peerklankaranai?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 8,80,000, the stamp duty would be Rs 61,600 at 7%.