Guideline Value for M.G.R. Nagar 3rd Street

M.G.R. Nagar 3rd Street guideline value

The current guideline value of M.G.R. Nagar 3rd Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village under the Madhavaram SRO, classified as Residential Class I Type - I.

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

In the 2012 revision, the guideline value was Rs 2,500 per sq.ft. This figure remained unchanged in the 2023 revision. However, with the 2024 revision, the guideline value increased to Rs 2,700 per sq.ft, marking an 8% rise from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. The 2023 to 2024 change reflects this increase, as the guideline value per sq.ft rose from Rs 2,500 to Rs 2,700.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value is Rs 2,700 per sq.ft, which aligns with the current guideline value of M.G.R. Nagar 3rd Street.

• M.G.R. Nagar 4th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 5th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 6th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 7th Street: Rs 2,700 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, leading to a total of Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

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

The M.G.R. Nagar 3rd Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Kodungaiyur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the registration fees are reflective of the property's value as determined by the government.

Frequently asked questions

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

The current guideline value of M.G.R. Nagar 3rd Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2012 revision, the guideline value has increased from Rs 2,500 per sq.ft to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 8%.

What is the stamp duty rate applicable in M.G.R. Nagar 3rd Street?

The stamp duty rate applicable in M.G.R. Nagar 3rd Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for M.G.R. Nagar 3rd Street?

The Madhavaram Sub Registrar Office, which covers M.G.R. Nagar 3rd Street, is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What are the other streets with the same guideline value in Kodungaiyur?

Other streets in Kodungaiyur with the same guideline value of Rs 2,700 per sq.ft include M.G.R. Nagar 1st, 2nd, 4th, 5th, 6th, and 7th Streets.