Guideline Value for M.G.R. Nagar 3rd Cross Street(MGR Nagar 2nd Street)

M.G.R. Nagar 3rd Cross Street(MGR Nagar 2nd Street) guideline value

The current guideline value of M.G.R. Nagar 3rd Cross Street (MGR Nagar 2nd Street) is Rs 2,200 per sq.ft. This street is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class II Type - I.

How the guideline value of M.G.R. Nagar 3rd Cross Street(MGR Nagar 2nd Street) has changed

The guideline value for M.G.R. Nagar 3rd Cross Street has seen several revisions over the years. The register has no figure for this street from the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 2,000 per sq.ft, and it increased by 10% to Rs 2,200 per sq.ft in the 2024 revision.

Comparing the revisions, the 2023 figure of Rs 2,000 per sq.ft was the previous value before the latest increase. The current 2024 revision reflects a notable uptick, marking a significant change in the guideline value for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing the 2024 figure for M.G.R. Nagar 3rd Cross Street below this median.

• M.G.R. Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar South: Rs 1,650 per sq.ft (2024)
• M.G.R. Street 1st Street: Rs 1,650 per sq.ft (2024)
• M.G.R. Street 2nd Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 3rd Cross Street(MGR Nagar 2nd Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.G.R. Nagar 3rd Cross Street(MGR Nagar 2nd Street)?

The M.G.R. Nagar 3rd Cross Street (MGR Nagar 2nd Street) falls under the Velacheri Sub Registrar Office. The office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in property transactions in Madipakkam-1. It determines the minimum value at which properties can be registered, ensuring that the government receives its due revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a reference point for both buyers and sellers. It helps in understanding the market dynamics and ensures compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar 3rd Cross Street?

The current guideline value of M.G.R. Nagar 3rd Cross Street (MGR Nagar 2nd Street) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

Recently, the guideline value increased from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, which is a 10% increase.

What is the land classification of M.G.R. Nagar 3rd Cross Street?

M.G.R. Nagar 3rd Cross Street is classified as Residential Class II Type - I, indicating its designation for residential purposes.

Where can I find the registration office for M.G.R. Nagar 3rd Cross Street?

The registration office covering M.G.R. Nagar 3rd Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in M.G.R. Nagar 3rd Cross Street?

Stamp duty for properties in M.G.R. Nagar 3rd Cross Street is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.