Guideline Value for M.G.R. 1st Street

M.G.R. 1st Street guideline value

The current guideline value of M.G.R. 1st Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village under the Selaiyur SRO. The land classification for this area is Residential Class III Type - II.

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

The guideline value for M.G.R. 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which changed to Rs 670 per sq.ft in the 2017 revision, reflecting a decrease of 33%. Following this, the 2023 revision increased the value to Rs 1,000 per sq.ft, and the most recent revision in 2024 raised it to Rs 1,100 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for M.G.R. 1st Street is below this median.

• M.G.R 2nd Cross Street: Rs 1,100 per sq.ft (2024)
• M.G.R 1st Main Road: Rs 1,100 per sq.ft (2024)
• M.G.R 1st Cross Street: Rs 1,100 per sq.ft (2024)
• M.G.R. 2nd Street: Rs 1,100 per sq.ft (2024)
• M.G.R 3rd Cross Street: Rs 1,100 per sq.ft (2024)
• M.G.R. 3rd Street: Rs 1,100 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total charges to Rs 99,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers M.G.R. 1st Street is 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. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Chembakkam. It serves as a benchmark for determining the minimum value of a property, ensuring that the transaction is recorded at a value that reflects the prevailing market conditions.

When a property is registered, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the necessary revenue from property transactions, based on the established guideline values.

Frequently asked questions

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

The current guideline value of M.G.R. 1st Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024. This reflects various increases and decreases over the years.

What is the land classification for M.G.R. 1st Street?

The land classification for M.G.R. 1st Street is Residential Class III Type - II, indicating its suitability for residential development.

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

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for M.G.R. 1st Street?

The Selaiyur Sub Registrar Office handles property registrations for M.G.R. 1st Street. It is located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.