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 Chembakkam village, under the Selaiyur SRO, and is classified as Residential Class III Type - II.

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

The guideline value for M.G.R. 3rd Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which was a decrease of 33% from the 2017 revision, which was Rs 670 per sq.ft. The 2023 revision increased the value to Rs 1,000 per sq.ft, and the current 2024 revision has further increased it to Rs 1,100 per sq.ft, reflecting a 10% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 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 with a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing M.G.R. 3rd Street's value 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. Main Road: 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 Main Road: 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 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 be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

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

The M.G.R. 3rd Street is covered by the Selaiyur Sub Registrar Office. The address is 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 critical factor during property transactions in Chembakkam. It serves as the basis for calculating stamp duty and registration fees, which are mandatory when registering a property. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When purchasing property, the guideline value helps determine the minimum price at which a property can be sold. This ensures that all parties involved in the transaction are aware of the value assigned to the property by the government, thereby facilitating a transparent transaction process.

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 2023 to Rs 1,100 per sq.ft in 2024, marking a 10% increase. It was Rs 670 per sq.ft in 2017 and Rs 1,000 per sq.ft in 2012.

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

M.G.R. 3rd Street is classified as Residential Class III Type - II.

What is the registration office for M.G.R. 3rd Street?

The Selaiyur Sub Registrar Office covers M.G.R. 3rd Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is the stamp duty calculated for properties on M.G.R. 3rd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000, leading to a stamp duty of Rs 77,000.