Guideline Value for M.G.R Street

M.G.R Street guideline value

The current guideline value of M.G.R Street in Selaiyur village is Rs 1,400 per sq.ft, effective from 1 July 2024. This street falls under the Selaiyur Sub Registrar Office (SRO) and is classified as Residential Class III Type - I.

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. In 2007, the guideline value was Rs 850 per sq.ft, which increased to Rs 1,300 per sq.ft in 2012. However, this figure saw a decrease to Rs 871 per sq.ft in 2017. The 2023 revision brought the value up to Rs 1,300 per sq.ft, with the latest 2024 revision marking a further increase to Rs 1,400 per sq.ft. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, there was a significant increase of 49%, while the change from 2012 to 2017 was a decrease of 33%. The value rose by 53% from 2007 to 2012. Overall, the guideline value has increased by 65% from 2007 to 2024.

Guideline values in Selaiyur

In Selaiyur village, there are 478 streets under the Selaiyur SRO with a 2024 guideline value ranging from Rs 850 to Rs 6,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing M.G.R Street's 2024 figure below this median.

• M.G.R Nagar Nethaji Street: Rs 1,400 per sq.ft (2024)
• M.G.R Nagar: Rs 2,900 per sq.ft (2024)
• Mohan Street: Rs 2,200 per sq.ft (2024)
• Moovar Street: Rs 2,200 per sq.ft (2024)
• MES Colony: Rs 950 per sq.ft (2024)
• Mayanapuram 5th Street: Rs 2,900 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 guideline value of Rs 1,400 per sq.ft, the total guideline value would be Rs 14,00,000. The stamp duty at 7% would amount to Rs 98,000, while the registration fee at 2% would be Rs 28,000. Together, the total cost for stamp duty and registration fees would be Rs 1,26,000. 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 the stamp duty and registration fee calculator for more detailed calculations.

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

The M.G.R Street is covered by 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, you can visit find your SRO.

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

The guideline value is a critical factor during the registration of property transactions in Selaiyur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency and standardization in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. Buyers should be aware that the fees are based on the higher of the guideline value or the sale price, ensuring that all parties adhere to the legal requirements of property registration.

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 1,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 850 per sq.ft in 2007 to Rs 1,400 per sq.ft in 2024, with several revisions in between, including a decrease in 2017.

What is the land classification for M.G.R Street?

M.G.R Street is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for properties in M.G.R Street?

The stamp duty is 7% and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot at the current rate, the total fees would be Rs 1,26,000.

Which office handles registrations for M.G.R Street?

The Selaiyur Sub Registrar Office handles registrations for M.G.R Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.