Guideline Value for M.G.R. NAGAR 2ND STREET

M.G.R. Nagar 2nd Street guideline value

The current guideline value of M.G.R. Nagar 2nd Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class V Type - I.

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

The guideline value for M.G.R. Nagar 2nd Street has seen several revisions over the years. In 2007, the guideline value was Rs 500 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in both the 2012 and 2023 revisions. The most recent revision in 2024 raised the value to Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year.

Notably, there were no figures recorded for this street in the 2017, 2003, and 2002 revisions. Overall, from 2007 to 2024, the guideline value has increased by 220%.

Guideline values in Perambur

In Perambur, there are a total of 1,114 streets under the Purasaivakkam SRO, with guideline values 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 2nd Street's 2024 figure below that median.

• M.G.R Nagar 3rd 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 3rd 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 3rd Street: Rs 1,600 per sq.ft (2024)
• M.G.R. Nagar 1st Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total 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, making the total cost for these charges Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information on calculating these fees, you can use our stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers M.G.R. Nagar 2nd Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Perambur. It determines the minimum value at which the property must be registered and is used to calculate the applicable stamp duty and registration fees.

Frequently asked questions

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

The current guideline value of M.G.R. Nagar 2nd Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 500 per sq.ft to Rs 1,600 per sq.ft in 2024, representing a total increase of 220% over the years.

What are the stamp duty and registration fees for properties in M.G.R. Nagar 2nd Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 16,00,000, leading to a stamp duty of Rs 1,12,000 and a registration fee of Rs 32,000, totaling Rs 1,44,000.

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

The Purasaivakkam Sub Registrar Office covers M.G.R. Nagar 2nd Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

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

The guideline value is used to determine the minimum registration value for properties and is essential for calculating stamp duty and registration fees during property transactions.