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 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village, under the Sembiam SRO, and is 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 seen several revisions over the years. In 2007, the value was Rs 900 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, it then decreased to Rs 1,675 per sq.ft in 2017. The value rose again to Rs 2,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,700 per sq.ft. Notably, the register does not have figures for the years 2002 and 2003 for this street.

Between the revisions, there have been notable changes: from 2007 to 2012, the value increased by 178%, but it then decreased by 33% from 2012 to 2017. The value saw a significant increase of 49% from 2017 to 2023, followed by an 8% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 200%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. M.G.R. Nagar 1st Street's 2024 guideline value is below this median.

• M.G.R. Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• Mettu Street 1st Lane: Rs 2,700 per sq.ft (2024)
• Mettu Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Street: Rs 2,700 per sq.ft (2024)
• Mettu Lane: Rs 2,700 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 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, making the total Rs 2,43,000. 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 information on fees applicable to your property transaction.

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 Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs that must be paid during the registration process. This ensures that all property transactions are conducted transparently and in accordance with legal requirements.

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 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, showing an overall increase of 200% over this period.

What are the stamp duty and registration fees for properties in M.G.R. Nagar 1st Street?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000, and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

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

The Sembiam Sub Registrar Office handles property registrations for M.G.R. Nagar 1st Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification for M.G.R. Nagar 1st Street?

M.G.R. Nagar 1st Street is classified as Residential Class II Type - I, indicating its suitability for residential development.