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

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

The current guideline value of M.G.R. Nagar 1st Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village under the Royapuram SRO, classified as Residential Class II Type - I.

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

The guideline value for M.G.R. Nagar 1st Street has undergone several revisions over the years. In 2007, the guideline value was Rs 600 per sq.ft, which increased to Rs 1,200 per sq.ft in 2012. However, it dropped to Rs 804 per sq.ft in 2017. The most recent revisions show an increase to Rs 1,200 per sq.ft in 2023, followed by a further increase to the current value of Rs 1,300 per sq.ft in 2024. The register has no figures for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2023 to 2024 reflects an 8% increase. Overall, since 2007, the guideline value has risen by 117%.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO, with guideline values for 2024 ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, positioning M.G.R. Nagar 1st Street below this median.

• M.G.R. Nagar 10th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 2nd Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 3rd Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 4th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 5th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 6th Street: Rs 1,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. Duty is charged on the higher of the guideline value and the sale price.

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

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

The Sub Registrar Office that covers M.G.R. Nagar 1st Street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Tondaiarpet. It determines the minimum value at which the property can be registered, ensuring that the transaction is documented accurately.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This process helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

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

The current guideline value of M.G.R. Nagar 1st Street 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 600 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 117% over the years.

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

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,17,000.

Which office handles property registrations for M.G.R. Nagar 1st Street?

The Royapuram Sub Registrar Office handles property registrations for M.G.R. Nagar 1st Street, located at 535, Tondaiyarpet High Road, Chennai 600021.

What is the significance of the guideline value?

The guideline value is significant as it establishes the minimum price for property transactions in Tondaiarpet, affecting the calculation of stamp duty and registration fees during property sales.