Guideline Value for M.G.R. Nagar 4th Cross Street

M.G.R. Nagar 4th Cross Street guideline value

The current guideline value of M.G.R. Nagar 4th Cross 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 4th Cross Street has changed

The guideline value for M.G.R. Nagar 4th Cross Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which was then decreased to Rs 2,345 per sq.ft in the 2017 revision. However, the most recent 2024 revision has increased the value to Rs 3,850 per sq.ft, marking a significant increase of 64% from the 2017 figure.

When examining the changes from 2012 to 2017, there was a decrease of 33%. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2023, 2007, 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. The median value is Rs 4,400 per sq.ft, which means that the guideline value of M.G.R. Nagar 4th Cross Street is below this median.

• 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)
• M.G.R. Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 3rd Main Road: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 5th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 4th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, leading to a total of 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.

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

Which Sub Registrar Office covers M.G.R. Nagar 4th Cross Street?

The Sub Registrar Office that covers M.G.R. Nagar 4th Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit this link.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on a standardized value.

When a property is registered, the guideline value helps to establish the official value of the property, which is essential for legal and financial purposes. Buyers and sellers should be aware of the guideline value to understand the costs involved in the transaction.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar 4th Cross Street?

The current guideline value of M.G.R. Nagar 4th Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, and then increased to Rs 3,850 per sq.ft in 2024.

What is the land classification for M.G.R. Nagar 4th Cross Street?

M.G.R. Nagar 4th Cross Street is classified as Residential Class II Type - III.

What are the stamp duty and registration fees for property in this area?

For a property valued at 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.

Where is the Sub Registrar Office for M.G.R. Nagar 4th Cross Street located?

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