Guideline Value for M.G.R. Nagar 2nd Street (Ward 30)

M.G.R. Nagar 2nd Street (Ward 30) guideline value

The current guideline value of M.G.R. Nagar 2nd Street (Ward 30) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram Sub Registrar Office (SRO) and is classified as Residential Class III Type - I.

How the guideline value of M.G.R. Nagar 2nd Street (Ward 30) has changed

The guideline value for M.G.R. Nagar 2nd Street has seen several revisions over the years. In 2012, the guideline value was Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,200 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 1,300 per sq.ft, an 8% increase from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in the village is Rs 1,600 per sq.ft, placing M.G.R. Nagar 2nd Street's 2024 figure below this median.

• M.G.R. Nagar 3rd Cross st (Ward No.30): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 2nd Cross st (Ward No.30): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 3rd Street (Ward 30): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 1st Street (Ward 30): Rs 1,300 per sq.ft (2024)
• M.G.R.Nagar 4th st (Ward No.30): Rs 1,300 per sq.ft (2024)
• M.G.R.Nagar 5th st (Ward No.30): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 2nd Street (Ward 30)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the 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, totaling Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.G.R. Nagar 2nd Street (Ward 30)?

The M.G.R. Nagar 2nd Street (Ward 30) falls under the Madhavaram Sub Registrar Office located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of real estate.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. 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 2nd Street?

The current guideline value of M.G.R. Nagar 2nd Street (Ward 30) 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 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and is now Rs 1,300 per sq.ft in 2024.

What are the registration fees for properties in M.G.R. Nagar 2nd Street?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000, and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Which office handles registrations for M.G.R. Nagar 2nd Street?

The Madhavaram Sub Registrar Office handles registrations for M.G.R. Nagar 2nd Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the median guideline value in Madhavaram?

The median guideline value in Madhavaram village is Rs 1,600 per sq.ft, while M.G.R. Nagar 2nd Street's guideline value is below this median.