Guideline Value for M.G.R. Nagar 3rd Main Road

M.G.R. Nagar 3rd Main Road guideline value

The current guideline value of M.G.R. Nagar 3rd Main Road is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of M.G.R. Nagar 3rd Main Road has changed

The guideline value of M.G.R. Nagar 3rd Main Road has seen several revisions over the years. Starting from the 2007 revision, the guideline value was Rs 1,500 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 133%. However, in the 2017 revision, the value dropped to Rs 2,345 per sq.ft, a decrease of 33%. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, reflecting an increase of 64% from the previous revision.

Overall, from 2007 to 2024, the guideline value has increased by 157%. It is important to note that the register has no figures for the years 2023, 2003, and 2002 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO 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. M.G.R. Nagar 3rd Main Road's guideline value of Rs 3,850 per sq.ft is below this median.

• M.G.R. Nagar 3rd Street: 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 4th Cross Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 4th Main Road: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 4th Main Road 3rd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 3rd Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, together totaling Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For calculating your stamp duty and registration fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.G.R. Nagar 3rd Main Road?

The M.G.R. Nagar 3rd Main Road is covered by 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 information.

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

When buying or selling property in Velachery, the guideline value is a crucial factor as it determines the amount of stamp duty and registration fees payable. Buyers must ensure that the sale price is not below the guideline value, as the duty is charged on the higher of the two.

At the time of registration, the guideline value serves as a reference point to ascertain the fair value of the property being transacted. This ensures transparency and compliance with the local regulations governing property transactions.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar 3rd Main Road?

The current guideline value of M.G.R. Nagar 3rd Main Road is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 157% over the years.

What are the stamp duty and registration fees for property in M.G.R. Nagar 3rd Main Road?

For a 1,000 sq.ft plot, the total guideline value is Rs 38,50,000. The stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office covers M.G.R. Nagar 3rd Main Road?

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

What is the land classification for M.G.R. Nagar 3rd Main Road?

The land classification for M.G.R. Nagar 3rd Main Road is Residential Class II Type - III.