Guideline Value for M.G.R. 3rd Street

M.G.R. 3rd Street guideline value

The current guideline value of M.G.R. 3rd Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of M.G.R. 3rd Street has changed

Over the years, the guideline value of M.G.R. 3rd Street has seen several revisions. The 2012 revision set the value at Rs 1,000 per sq.ft, which was then decreased to Rs 670 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,000 per sq.ft in the 2023 revision. The most recent revision in 2024 has raised the guideline value to Rs 1,100 per sq.ft, marking a 10% increase from the previous year.

In summary, the changes between revisions include a 49% increase from 2017 to 2023, a decrease of 33% from 2012 to 2017, and an overall increase of 10% from 2012 to 2024. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry 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. 3rd Street is below this median.

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

For a 1,000 sq.ft plot at the current rate, the 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, making the total Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers M.G.R. 3rd Street?

The Sub Registrar Office that covers M.G.R. 3rd 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, within the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process of property transactions in Madambakkam. It helps determine the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is registered, the guideline value serves as a benchmark for calculating the applicable fees. Buyers and sellers should be aware of the current guideline value to ensure compliance with the registration requirements.

Frequently asked questions

What is the current guideline value of M.G.R. 3rd Street?

The current guideline value of M.G.R. 3rd 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.

What is the land classification for M.G.R. 3rd Street?

The land classification for M.G.R. 3rd Street is Residential Class III Type - I.

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 the stamp duty calculated for properties in M.G.R. 3rd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, a 1,000 sq.ft plot has a guideline value of Rs 11,00,000, leading to a stamp duty of Rs 77,000 at 7%.