Guideline Value for M.G.R. Nagar 2nd Cross Street

M.G.R. Nagar 2nd Cross Street guideline value

The current guideline value of M.G.R. Nagar 2nd Cross 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 2nd Cross Street has changed

The guideline value for M.G.R. Nagar 2nd Cross Street has seen significant changes over the years. The earliest available figure is from 2002, where the guideline value was Rs 166 per sq.ft. This increased to Rs 188 per sq.ft in 2003, marking a change of +13%. Following this, the value surged dramatically to Rs 1,500 per sq.ft in 2007, reflecting a substantial increase of +698%. The guideline value then rose to Rs 3,500 per sq.ft in 2012, which was a +133% increase. However, it decreased to Rs 2,345 per sq.ft in 2017, showing a decline of -33%. In 2023, the value was revised to Rs 3,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 3,850 per sq.ft, which is a +10% increase.

Overall, from 2002 to 2024, the guideline value has increased by +2219%. Notably, there are no figures available for the years in between for this specific 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. The guideline value for M.G.R. Nagar 2nd Cross Street is below this median.

• M.G.R. Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 1st Street: Rs 13,200 per sq.ft (2024)
• M.G.R. Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 1st Main Road: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers M.G.R. Nagar 2nd Cross Street?

The M.G.R. Nagar 2nd 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 additional assistance.

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

The guideline value plays a crucial role during the registration of property transactions in Velachery. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the authorities.

When buying or selling property, the guideline value is compared against the sale price. The higher of the two values is used to determine the applicable duties, ensuring that the transaction is appropriately taxed according to the established regulations.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar 2nd Cross Street?

The current guideline value of M.G.R. Nagar 2nd Cross 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 changed significantly from Rs 166 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of +2219% over this period.

What is the stamp duty for properties in M.G.R. Nagar 2nd Cross Street?

The stamp duty for properties in M.G.R. Nagar 2nd Cross Street is calculated at 7% of the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office handles registrations for M.G.R. Nagar 2nd Cross Street?

The Velacheri Sub Registrar Office handles registrations for M.G.R. Nagar 2nd Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of M.G.R. Nagar 2nd Cross Street?

M.G.R. Nagar 2nd Cross Street is classified as Residential Class II Type - III, indicating its designation for residential use.