Guideline Value for M.G.R. Nagar 1st Cross Street

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

The current guideline value of M.G.R. Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, with a land classification of Residential Class II Type - I.

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

The guideline value for M.G.R. Nagar 1st Cross Street has undergone several revisions over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 2,000 per sq.ft, which increased to Rs 2,200 per sq.ft in the 2024 revision, reflecting a change of +10%.

Prior to the 2023 revision, the guideline value for this street was not recorded in the register. The most recent figure of Rs 2,200 per sq.ft is effective from 1 July 2024.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing M.G.R. Nagar 1st Cross Street's current figure below that median.

• M.G.R. Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 3rd Cross Street (MGR Nagar 2nd Street): Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar South: Rs 1,650 per sq.ft (2024)
• M.G.R. Street 1st Street: Rs 1,650 per sq.ft (2024)
• M.G.R. Street 2nd Street: Rs 1,650 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total fees would be Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

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

The M.G.R. Nagar 1st Cross Street falls under the jurisdiction of 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 Madipakkam-1

The guideline value is a crucial factor in property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is used to assess the applicable charges, which are based on the higher of the guideline value or the actual sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of M.G.R. Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for M.G.R. Nagar 1st Cross Street was Rs 2,000 per sq.ft in 2023 and increased to Rs 2,200 per sq.ft in 2024, marking a change of +10%. There are no recorded figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft. The current guideline value of M.G.R. Nagar 1st Cross Street is below this median.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Tamil Nadu is typically charged at 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% applies.

Where can I find the Sub Registrar Office for M.G.R. Nagar 1st Cross Street?

The Velacheri Sub Registrar Office covers M.G.R. Nagar 1st Cross Street and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.