Guideline Value for M.G.R STREET

M.G.R Street guideline value

The current guideline value of M.G.R 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 falls under the Residential Class V Type - I land classification.

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

The guideline value for M.G.R Street has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 353 per sq.ft. This value increased to Rs 387 per sq.ft in 2003, marking a 10% rise. In 2007, the value saw a significant jump to Rs 500 per sq.ft, reflecting a 29% increase from the previous revision. The 2012 revision maintained the value at Rs 1,500 per sq.ft, which remained unchanged until the 2023 revision.

In 2023, the guideline value was again set at Rs 1,500 per sq.ft, but in 2024, it increased by 7% to Rs 1,600 per sq.ft. Notably, there is no figure recorded for M.G.R Street in the 2017 revision.

Guideline values in Perambur

In Perambur village, 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 Street's 2024 figure is below this median.

• M.G.R. Nagar Main Road: 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 8th Cross Street: Rs 1,600 per sq.ft (2024)
• M.G.R Nagar 7th Cross Street: Rs 1,600 per sq.ft (2024)
• Mkb Nagar 10th Central Cross Street: Rs 4,300 per sq.ft (2024)
• Mkb Nagar 10th East Cross Street: Rs 4,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 16,00,000. The stamp duty at 7% amounts to Rs 1,12,000, and the registration fee at 2% is Rs 32,000, totaling Rs 1,44,000. It is important to note that the 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 Street?

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

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

The guideline value is a crucial factor in property transactions in Perambur. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property. Buyers and sellers should be aware of the guideline value to ensure compliance with local regulations during the registration process.

When a property is registered, the guideline value serves as a benchmark for the minimum value on which stamp duty is calculated. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

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

The current guideline value of M.G.R 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 353 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 353% over the years.

What is the median guideline value in Perambur?

The median guideline value in Perambur is Rs 2,700 per sq.ft, while M.G.R Street's 2024 value is below this median.

Where can I find the registration office for M.G.R Street?

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

How is stamp duty calculated for properties in M.G.R Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total of Rs 1,44,000 in duties and fees.