Guideline Value for M.G.R. NAGAR 1ST STREET

M.G.R. Nagar 1st Street guideline value

The current guideline value of M.G.R. Nagar 1st Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, and it falls under the Residential Class V Type - I land classification.

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

Over the years, the guideline value of M.G.R. Nagar 1st Street has seen several revisions. The earliest recorded figure is from 2007, where the guideline value was Rs 500 per sq.ft. This value increased significantly to Rs 1,500 per sq.ft in 2012, marking a 200% increase. However, from 2012 to 2023, there was no change, and the value remained at Rs 1,500 per sq.ft. In 2024, the guideline value was revised to Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 220%. It is important to note that there are no recorded figures for M.G.R. Nagar 1st Street in the years 2002, 2003, and 2017.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, placing M.G.R. Nagar 1st Street's 2024 figure below that median.

• M.G.R Nagar 1st Link (Inaippu) Road: Rs 1,600 per sq.ft (2024)
• M.G.R Nagar 2nd Cross Street: Rs 1,600 per sq.ft (2024)
• M.G.R Nagar 1st Cross Street: Rs 1,600 per sq.ft (2024)
• M.G.R Nagar 2nd Link (Inaippu) Road: Rs 1,600 per sq.ft (2024)
• M.G.R. Nagar 2nd Street: Rs 1,600 per sq.ft (2024)
• M.G.R Nagar 3rd Cross Street: Rs 1,600 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

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

The Sub Registrar Office that covers M.G.R. Nagar 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Perambur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair valuation for tax purposes.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential costs associated with the property transaction. These fees are based on the higher of the guideline value or the actual sale price, making it important for both buyers and sellers to be aware of the current guideline value.

Frequently asked questions

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

The current guideline value of M.G.R. Nagar 1st Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 500 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, marking an overall increase of 220% over the years.

What is the registration office for M.G.R. Nagar 1st Street?

The registration office for M.G.R. Nagar 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

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, for a plot of 1,000 sq.ft at the current rate, the total fees would amount to Rs 1,44,000.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it establishes the minimum value for property registration and helps determine the stamp duty and registration fees. It ensures that property transactions are recorded at a fair value for taxation purposes.