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 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 3rd Street has changed

The guideline value of M.G.R. Nagar 3rd Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 204 per sq.ft. This increased to Rs 229 per sq.ft in 2003, marking a 12% rise. The value saw a significant jump to Rs 1,500 per sq.ft in 2007, reflecting a 555% increase. In 2012, the value peaked at 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, showing a decline of 33%. The most recent revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, marking a 64% increase from 2017.

The register has no figure for this street in 2023. Overall, from 2002 to 2024, the guideline value has increased by 1787%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value range from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, and M.G.R. Nagar 3rd Street's 2024 figure is below this median.

• M.G.R. Nagar 3rd 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 4th Cross 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)
• M.G.R. Nagar 4th Street: Rs 3,850 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 rate of Rs 3,850 per sq.ft, the guideline value totals Rs 38,50,000. The stamp duty at 7% amounts to Rs 2,69,500, and the registration fee at 2% is Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

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 Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps in calculating the stamp duty, which is charged at a percentage of either the sale price or the guideline value, whichever is higher. This ensures transparency and standardization in property transactions within the region.

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 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 204 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1787% over the years.

What are the stamp duty rates for properties in M.G.R. Nagar 3rd Street?

The stamp duty rate for properties in M.G.R. Nagar 3rd Street is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which office handles property registrations in Velachery?

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

What is the median guideline value for streets in Velachery?

The median guideline value for streets in Velachery is Rs 4,400 per sq.ft, with M.G.R. Nagar 3rd Street's current value being below this median.