Guideline Value

Corporate

Guideline Value for M.G.R. Nagar 2nd Main Road

₹3850/sq.ft.

The guideline value for M.g.r. Nagar 2nd Main Road in Velachery village (Velacheri SRO, Chennai zone) is Rs 3850 per sq.ft, effective 1 July 2024. It was Rs 3500 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Ii Type - Iii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Velachery

Village

Velacheri

SRO

Residential Class II Type - III
History
Period Guideline Value
From 1-7-2024 ₹3850 /sq.ft.
From 1-4-2023 ₹3500 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹2345 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹3500 /sq.ft.
From 1-8-2007 To 31-3-2012 ₹1500 /sq.ft.
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on M.g.r. Nagar 2nd Main Road

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M.G.R. Nagar 2nd Main Road guideline value

The current guideline value of M.G.R. Nagar 2nd Main Road is Rs 3,850 per sq.ft, effective from 1 July 2024. This road 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 Main Road has changed

The guideline value for M.G.R. Nagar 2nd Main Road has seen several revisions over the years. In 2007, the value was Rs 1,500 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 133%. However, it decreased to Rs 2,345 per sq.ft in 2017, a drop of 33%. The value then surged to Rs 3,500 per sq.ft in 2023, followed by another increase to the current rate of Rs 3,850 per sq.ft in 2024, reflecting a 10% rise.

There are no figures available for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has risen by 157%, showcasing the fluctuations in property values over the years.

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 of Rs 4,400 per sq.ft. The guideline value of M.G.R. Nagar 2nd Main Road is below this median.

Stamp duty and registration fee for property in M.G.R. Nagar 2nd Main Road

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, totaling Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers M.G.R. Nagar 2nd Main Road?

The Sub Registrar Office that covers M.G.R. Nagar 2nd Main Road 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 a crucial factor during property transactions in Velachery, as it determines the minimum value at which properties can be registered. It is used to calculate stamp duty and registration fees, which are mandatory for any property transfer.

When buying or selling a property, the guideline value ensures that the transaction reflects a fair value for taxation purposes. This helps maintain transparency in property dealings and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar 2nd Main Road?

The current guideline value of M.G.R. Nagar 2nd Main Road 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 from Rs 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 157% over the years.

What is the stamp duty rate for properties in M.G.R. Nagar 2nd Main Road?

The stamp duty rate for properties in M.G.R. Nagar 2nd Main Road is 7%, based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for M.G.R. Nagar 2nd Main Road?

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

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property, which affects the stamp duty and registration fees during a sale. It ensures that property transactions are conducted at a fair value for taxation purposes.