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 3,850 per sq.ft, effective from 1 July 2024. This street 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 Street has changed

The guideline value for M.G.R. Nagar 2nd Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 474 per sq.ft. This value increased to Rs 532 per sq.ft in 2003, marking a rise of 12%. The next significant jump occurred in 2007, when the value rose to Rs 1,500 per sq.ft, reflecting an increase of 182%. By 2012, the guideline value reached Rs 3,500 per sq.ft, which was a 133% increase from the previous revision. However, in 2017, the value decreased to Rs 2,345 per sq.ft, a decline of 33%. The most recent revision in 2024 shows a substantial increase to Rs 3,850 per sq.ft, which is a 64% rise from 2017.

It is important to note that there is no figure available for the year 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 712%.

Guideline values in Velachery

In Velachery, there are 2,691 streets that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of M.G.R. Nagar 2nd Street is below this median.

• M.G.R. Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 3rd Main Road: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 1st Street: Rs 13,200 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, leading to a total cost of Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

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 Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process for property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must be aware that the guideline value will influence the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is used to calculate the stamp duty, which is charged on the higher of the guideline value or the sale price. 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 is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly, from Rs 474 per sq.ft to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 712%.

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

M.G.R. Nagar 2nd Street is classified as Residential Class II Type - III.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Velachery?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 38,50,000, the stamp duty would be calculated at 7% of that amount.