Guideline Value for M.G.R. 2nd Street

M.G.R. 2nd Street guideline value

The current guideline value of M.G.R. 2nd Street in Chembakkam village, under the Selaiyur SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class III Type - II.

How the guideline value of M.G.R. 2nd Street has changed

The guideline value for M.G.R. 2nd Street has seen several revisions over the years. The earliest recorded value was Rs 250 per sq.ft in 2007, which increased significantly to Rs 1,000 per sq.ft in 2012. However, it then dropped to Rs 670 per sq.ft in 2017. Following this, the value rose to Rs 1,000 per sq.ft in 2023, and currently stands at Rs 1,100 per sq.ft as of the 2024 revision.

In terms of percentage changes, the value increased by 300% from 2007 to 2012, then decreased by 33% from 2012 to 2017. From 2017 to 2023, there was a notable increase of 49%, and from 2023 to 2024, the value rose by 10%. Overall, from 2007 to 2024, the guideline value has increased by 340%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, making the current value of M.G.R. 2nd Street below that median.

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

Stamp duty and registration fee for property in M.G.R. 2nd 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 cost for these fees to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator to estimate your fees based on the guideline value.

Which Sub Registrar Office covers M.G.R. 2nd Street?

The M.G.R. 2nd Street falls under 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 property transactions in Chembakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. This value is used to calculate the stamp duty and registration fees, which buyers must pay during the registration process.

When buying or selling property, it is essential to be aware of the current guideline value, as it impacts the overall cost of the transaction. Buyers should ensure that the sale price is aligned with the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of M.G.R. 2nd Street?

The current guideline value of M.G.R. 2nd 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 250 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, with various revisions in between.

What is the land classification for M.G.R. 2nd Street?

M.G.R. 2nd Street is classified as Residential Class III Type - II.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in M.G.R. 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 at a rate of 7%.