Guideline Value for M.G.R. Nagar 12th Street

M.G.R. Nagar 12th Street guideline value

The current guideline value of M.G.R. Nagar 12th Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of M.G.R. Nagar 12th Street has changed

The guideline value for M.G.R. Nagar 12th Street has seen significant changes over the years. In 2002, the value was Rs 152 per sq.ft, which increased to Rs 171 per sq.ft in 2003, marking a 13% rise. The most substantial change occurred between 2003 and 2012, where the value skyrocketed by 1947% to Rs 3,500 per sq.ft. This figure remained unchanged until 2023.

In 2023, the guideline value was Rs 3,500 per sq.ft, and it increased by 10% to Rs 3,850 per sq.ft in the 2024 revision. Notably, there are no registered figures for the years 2007 and 2017 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. M.G.R. Nagar 12th Street's 2024 guideline value is below this median.

• M.G.R. Nagar 12th Main Road: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 13th Main Road: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 11th Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 13th Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 11th Main Road: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 14th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 12th Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers M.G.R. Nagar 12th Street?

The M.G.R. Nagar 12th Street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial factor during property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the transaction is recorded accurately and reflects the appropriate financial obligations of the buyer.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar 12th Street?

The current guideline value of M.G.R. Nagar 12th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 152 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 2433%.

What is the land classification for M.G.R. Nagar 12th Street?

M.G.R. Nagar 12th Street is classified as Residential Class II Type - III.

Where can I find the registration office for M.G.R. Nagar 12th Street?

The registration office for M.G.R. Nagar 12th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at a rate of 7%.