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 1,300 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village under the Royapuram SRO, classified as Residential Class II Type - I.

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

The guideline value for M.G.R. Nagar 2nd Street has undergone several revisions over the years. The 2007 revision set the value at Rs 600 per sq.ft, which increased to Rs 1,200 per sq.ft in 2012. However, it saw a significant drop to Rs 804 per sq.ft in the 2017 revision. The value then rose to Rs 1,200 per sq.ft in 2023 before reaching the current rate of Rs 1,300 per sq.ft in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%, while the jump from 2023 to 2024 was 8%. The overall increase from 2007 to 2024 is 117%. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Tondaiarpet

In Tondaiarpet, there are a total of 1,384 streets under the Royapuram SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing M.G.R. Nagar 2nd Street's 2024 value below that median.

• M.G.R. Nagar 3rd Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 1st Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 4th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 10th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 5th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 6th Street: Rs 1,300 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 1,300 per sq.ft, the total 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, bringing the total to Rs 1,17,000. Please 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 Street?

The M.G.R. Nagar 2nd Street falls under the jurisdiction of the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more information.

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

The guideline value is a critical reference point when registering property transactions in Tondaiarpet. It is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps establish a baseline for the property's worth. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements.

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 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, increasing from Rs 600 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, marking an overall increase of 117% during this period.

What is the median guideline value in Tondaiarpet?

The median guideline value for the 1,384 streets in Tondaiarpet is Rs 1,600 per sq.ft, which is higher than the current value of M.G.R. Nagar 2nd Street.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 1,17,000.

Where is the Sub Registrar Office for M.G.R. Nagar 2nd Street located?

The Royapuram Sub Registrar Office, which covers M.G.R. Nagar 2nd Street, is located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.