Guideline Value for M.G.R NAGAR 7TH CROSS STREET

M.G.R Nagar 7th Cross Street guideline value

The current guideline value of M.G.R Nagar 7th 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, and it falls under the Residential Class V Type - I land classification.

How the guideline value of M.G.R Nagar 7th Cross Street has changed

The guideline value for M.G.R Nagar 7th Cross Street has seen several revisions over the years. The earliest recorded figure is from 2003, which was Rs 461 per sq.ft. This 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. However, from 2012 to 2023, the value remained unchanged at Rs 1,500 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 1,600 per sq.ft, which is a 7% increase from the previous year.

It is important to note that there are no figures available for the years 2002 and 2017 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 carry 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. M.G.R Nagar 7th Cross Street's 2024 figure is below this median.

• M.G.R. Nagar 6th Street: Rs 1,600 per sq.ft (2024)
• M.G.R Nagar 8th Cross Street: Rs 1,600 per sq.ft (2024)
• M.G.R Nagar 6th Cross Street: Rs 1,600 per sq.ft (2024)
• M.G.R Nagar 9th Cross Street: Rs 1,600 per sq.ft (2024)
• M.G.R. Nagar 5th Street: Rs 1,600 per sq.ft (2024)
• M.G.R Nagar 5th Cross Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R Nagar 7th 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 would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total charges to Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more accurate calculations based on your specific property.

Which Sub Registrar Office covers M.G.R Nagar 7th Cross Street?

The Sub Registrar Office covering M.G.R Nagar 7th 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 is a crucial factor when registering property transactions in Perambur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property can be registered. This value is particularly important for ensuring compliance with local regulations and for the accurate calculation of taxes associated with the transaction.

Frequently asked questions

What is the current guideline value of M.G.R Nagar 7th Cross Street?

The current guideline value of M.G.R Nagar 7th 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, reflecting an overall increase of 247% over the years.

What are the stamp duty and registration fees for property in M.G.R Nagar 7th Cross Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 16,00,000. The stamp duty would be Rs 1,12,000, and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Which Sub Registrar Office covers M.G.R Nagar 7th Cross Street?

The Purasaivakkam Sub Registrar Office covers M.G.R Nagar 7th Cross Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification for M.G.R Nagar 7th Cross Street?

M.G.R Nagar 7th Cross Street is classified as Residential Class V Type - I, indicating its designation for residential use.