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 Kolathur village under the Sembiam SRO, classified as Residential Class II Type - I.

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

The guideline value for M.G.R. Nagar 3rd Street has undergone 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 then decreased to Rs 1,675 per sq.ft in 2017 before rising again to Rs 2,500 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 2,700 per sq.ft, marking an increase of 8% from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 200%. The revisions for 2003 and 2002 show no figures for this street in the register.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry 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. The guideline value for M.G.R. Nagar 3rd Street is below this median.

• M.G.R. Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Street: Rs 2,700 per sq.ft (2024)
• Mettu Street 1st Lane: 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 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, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

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

The Sub Registrar Office that covers M.G.R. Nagar 3rd Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a critical factor when registering a property in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the transactions are recorded accurately and transparently.

When you buy or sell property, the guideline value helps in calculating the stamp duty and registration fees, which are essential costs associated with the transaction. This ensures that both the buyer and seller are aware of the financial implications of the sale.

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?

The guideline value has changed from Rs 900 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, marking a total increase of 200% over the years.

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

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

Where is the Sub Registrar Office for M.G.R. Nagar 3rd Street located?

The Sub Registrar Office for M.G.R. Nagar 3rd Street is located at 5, Papermills Road, Sembiam, Chennai - 600011.

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

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