Guideline Value for M.G.R. Nagar 14th Street

M.G.R. Nagar 14th Street guideline value

The current guideline value of M.G.R. Nagar 14th Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of M.G.R. Nagar 14th Street has changed

The guideline value for M.G.R. Nagar 14th Street has undergone several revisions over the years. Starting with the 2003 revision, the value was Rs 229 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in 2007, marking a change of +555%. By 2012, the value remained at Rs 3,500 per sq.ft, showing no change from the previous revision. In 2023, the value was again Rs 3,500 per sq.ft, and in the 2024 revision, it rose to Rs 3,850 per sq.ft, reflecting a change of +10% from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by +1581%. It is important to note that there are no figures available for the revisions in 2002 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 14th Street's 2024 figure is below this median.

• M.G.R. Nagar 13th Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 14th Street (Alias) Gandhi Nagar Extn. Street: Rs 4,400 per sq.ft (2024)
• M.G.R. Nagar 13th Main Road: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 12th Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 12th Main Road: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 14th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total 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 fees to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.G.R. Nagar 14th Street?

The Sub Registrar Office that covers M.G.R. Nagar 14th Street is 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 information.

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

The guideline value is an essential factor during property registration in Velachery. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers should be aware of the current guideline value to ensure accurate financial planning during the transaction.

When a property is registered, the guideline value serves as a benchmark for the transaction value. This means that if the sale price of the property is lower than the guideline value, the stamp duty will be calculated based on the guideline value instead of the sale price.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar 14th Street?

The current guideline value of M.G.R. Nagar 14th 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 from Rs 229 per sq.ft in 2003 to Rs 3,850 per sq.ft in 2024, marking an overall increase of +1581%.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles the registration for M.G.R. Nagar 14th Street?

The Velacheri Sub Registrar Office handles the registration for M.G.R. Nagar 14th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for M.G.R. Nagar 14th Street?

The land classification for M.G.R. Nagar 14th Street is Residential Class II Type - III.