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 Kolathur village, under the Sembiam SRO, and is classified as Residential Class II 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 2007, the value was Rs 900 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023 and reached the current rate of Rs 2,700 per sq.ft in 2024.

From 2017 to 2023, there was a notable increase of 49%. The most recent change from 2023 to 2024 reflects an 8% increase. Overall, from 2007 to 2024, the guideline value has increased by 200%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. M.G.R. Nagar 2nd Street's current guideline value is below this median.

• 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)
• Mettu Street 1st Lane: Rs 2,700 per sq.ft (2024)
• M.G.R. Street: Rs 2,700 per sq.ft (2024)
• Mettu Street: Rs 2,700 per sq.ft (2024)
• Mettu Lane: 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 rate of Rs 2,700 per sq.ft, the guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, totaling Rs 2,43,000. It's important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

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

The Sub Registrar Office that covers M.G.R. Nagar 2nd Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Kolathur. It determines the minimum value at which a property can be registered and is used to calculate stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is recorded accurately and transparently. Buyers and sellers must consider this value as it impacts the overall cost of the transaction.

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 has changed from Rs 900 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 200% over the years.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, on a 1,000 sq.ft plot, the total fees would be Rs 2,43,000.

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

The Sembiam Sub Registrar Office is responsible for registrations in M.G.R. Nagar 2nd Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the significance of the guideline value in property transactions?

The guideline value is essential as it sets the minimum price for property registration and affects the calculation of stamp duty and registration fees, ensuring transparency in property transactions.