Guideline Value for M.G.R. Nagar 3rd Cross st ( Ward No.30 )

M.G.R. Nagar 3rd Cross st ( Ward No.30 ) guideline value

The current guideline value of M.G.R. Nagar 3rd Cross st ( Ward No.30 ) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of M.G.R. Nagar 3rd Cross st ( Ward No.30 ) has changed

The guideline value for M.G.R. Nagar 3rd Cross st has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,200 per sq.ft, an increase of 49%. The most recent revision in 2024 has further raised the guideline value to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

It is important to note that there are no registered figures for this street in the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value of M.G.R. Nagar 3rd Cross st is below this median.

• M.G.R. Nagar 2nd Street (Ward 30): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 3rd Street (Ward 30): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 2nd Cross st ( Ward No.30 ): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 1st Street (Ward 30): Rs 1,300 per sq.ft (2024)
• M.G.R.Nagar 4th st ( Ward No.30 ): Rs 1,300 per sq.ft (2024)
• M.G.R.Nagar 5th st ( Ward No.30 ): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 3rd Cross st ( Ward No.30 )

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value totals Rs 13,00,000. The stamp duty at 7% amounts to Rs 91,000, while the registration fee at 2% is Rs 26,000, bringing the total fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers M.G.R. Nagar 3rd Cross st ( Ward No.30 )?

The M.G.R. Nagar 3rd Cross st ( Ward No.30 ) is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value, as it affects the overall costs involved in the transaction. Buyers should ensure that the sale price is in line with the guideline value to avoid discrepancies during registration.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar 3rd Cross st?

The current guideline value of M.G.R. Nagar 3rd Cross st ( Ward No.30 ) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification of M.G.R. Nagar 3rd Cross st?

M.G.R. Nagar 3rd Cross st is classified as Residential Class III Type - I.

Where can I find the Sub Registrar Office for M.G.R. Nagar 3rd Cross st?

The Sub Registrar Office covering M.G.R. Nagar 3rd Cross st is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in M.G.R. Nagar 3rd Cross st?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 13,00,000 incurs a stamp duty of Rs 91,000.