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 is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO, classified as Residential Class III Type - I.

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

The guideline value for M.G.R. 2nd Street has undergone several revisions over the years. In 2012, the guideline value was set at Rs 1,000 per sq.ft. This figure decreased to Rs 670 per sq.ft in the 2017 revision. However, the most recent revision in 2024 saw a significant increase, bringing the guideline value back up to Rs 1,100 per sq.ft, marking a 64% increase from the 2017 figure.

Overall, from 2012 to 2024, the guideline value has seen a slight increase of 10%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 in the register for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. The guideline value of M.G.R. 2nd Street is below this 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. 3rd Street: Rs 1,100 per sq.ft (2024)
• M.G.R 1st Cross Street: Rs 1,100 per sq.ft (2024)
• M.G.R 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 would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your specific charges using the stamp duty and registration fee calculator.

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

The M.G.R. 2nd Street falls under the jurisdiction of the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are documented at a fair value.

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

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 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, and then increased to Rs 1,100 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, and 2023.

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

M.G.R. 2nd Street is classified as Residential Class III Type - I, indicating its suitability for residential development.

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 are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 1,100 per sq.ft would incur a total stamp duty and registration fee of Rs 99,000.