Guideline Value for M.G.R NAGAR 1ST CROSS STREET

M.G.R Nagar 1st Cross Street guideline value

The current guideline value of M.G.R Nagar 1st Cross Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class V Type - I.

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

The guideline value for M.G.R Nagar 1st Cross Street has seen several revisions over the years. In 2003, the guideline value was Rs 461 per sq.ft, which increased to Rs 500 per sq.ft in 2007, marking an increase of 8%. The value then saw a significant jump to Rs 1,500 per sq.ft in 2012, reflecting a 200% increase. This figure remained unchanged until 2023, when it was revised to Rs 1,500 per sq.ft. The latest revision in 2024 has increased the guideline value to Rs 1,600 per sq.ft, a rise of 7% from the previous year.

It is important to note that there are no figures available for the years 2002 and 2017 in the register for this street. Overall, from 2003 to 2024, the guideline value has increased by 247%.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that have a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value of M.G.R Nagar 1st Cross Street is below this median.

• M.G.R Nagar 1st Link (Inaippu) Road: Rs 1,600 per sq.ft (2024)
• M.G.R. Nagar 1st Street: Rs 1,600 per sq.ft (2024)
• M.G.R Nagar 2nd Cross Street: Rs 1,600 per sq.ft (2024)
• M.G.R Nagar 2nd Link (Inaippu) Road: Rs 1,600 per sq.ft (2024)
• M.G.R. Nagar 2nd Street: Rs 1,600 per sq.ft (2024)
• M.G.R Nagar 3rd Cross Street: Rs 1,600 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty is calculated at 7%, which totals Rs 1,12,000, while the registration fee is 2%, amounting to Rs 32,000. Therefore, the total cost for stamp duty and registration fee together is Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more precise calculations.

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

The Sub Registrar Office that covers M.G.R Nagar 1st Cross Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. For more information, you can find your SRO.

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

The guideline value plays a crucial role in property transactions in Perambur. It serves as the minimum value on which stamp duty and registration fees are calculated during the registration of property. Buyers and sellers must be aware that the guideline value is used to determine the official value of the property, which can affect the overall transaction costs.

When selling or buying property, it is essential to ensure that the sale price is not lower than the guideline value, as this could lead to legal complications during the registration process. The guideline value is updated periodically, reflecting changes in the market and local regulations.

Frequently asked questions

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

The current guideline value of M.G.R Nagar 1st Cross Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 461 per sq.ft in 2003 to Rs 1,600 per sq.ft in 2024, marking a total increase of 247% over this period.

What is the registration office for M.G.R Nagar 1st Cross Street?

The registration office for M.G.R Nagar 1st Cross Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

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

For a property valued at Rs 16,00,000, the stamp duty is Rs 1,12,000 and the registration fee is Rs 32,000, totaling Rs 1,44,000.

Are there other streets with the same guideline value in Perambur?

Yes, there are several other streets in Perambur that share the same guideline value of Rs 1,600 per sq.ft for 2024, including M.G.R Nagar 1st Link (Inaippu) Road and M.G.R Nagar 1st Street.