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

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

The current guideline value of M.G.R. Nagar 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village and falls under the Madhavaram SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of M.G.R. Nagar 2nd Street has changed

The guideline value of M.G.R. Nagar 2nd Street has seen several revisions over the years. In the 2012 revision, the value was Rs 2,500 per sq.ft, which remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 2,700 per sq.ft, marking an 8% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street. Overall, from the 2012 revision to the 2024 revision, there has been an 8% increase in the guideline value.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, which aligns with the current value of M.G.R. Nagar 2nd Street.

• M.G.R. Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 4th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 5th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 6th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 7th Street: Rs 2,700 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. Please note that the duty is charged on the higher of the guideline value and the sale price.

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

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

The M.G.R. Nagar 2nd Street is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate stamp duty and registration fees, which are mandatory expenses in the transaction process.

It is important for buyers and sellers to be aware of the guideline value to ensure compliance with registration requirements and to avoid any legal issues during the transfer of property ownership.

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

How has the guideline value changed over the years?

The guideline value increased from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, which is an 8% rise. There was no change from 2012 to 2023, and the overall change from 2012 to 2024 is also 8%.

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

The stamp duty for properties in M.G.R. Nagar 2nd Street is 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 1,89,000 based on the current guideline value.

Which office do I need to visit for registration?

The Madhavaram Sub Registrar Office covers M.G.R. Nagar 2nd Street. It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

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

The land classification for M.G.R. Nagar 2nd Street is Residential Class I Type - I, which is important for understanding the zoning and usage of the property.