Guideline Value for M.G.R. Nagar 5th Street

M.G.R. Nagar 5th Street guideline value

The current guideline value of M.G.R. Nagar 5th Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village under the Royapuram SRO, classified as Residential Class II Type - I.

How the guideline value of M.G.R. Nagar 5th Street has changed

The guideline value for M.G.R. Nagar 5th Street has undergone several revisions over the years. In 2007, the value was Rs 600 per sq.ft, which increased to Rs 1,200 per sq.ft in 2012. However, it decreased to Rs 804 per sq.ft in 2017. The value then rose significantly to Rs 1,200 per sq.ft in 2023, before reaching the current rate of Rs 1,300 per sq.ft in 2024. The register does not contain figures for the years 2002 and 2003 for this street.

From 2017 to 2023, there was a notable increase of 49%, followed by an 8% rise from 2023 to 2024. The overall change from 2007 to 2024 reflects an increase of 117%. The fluctuations in guideline value highlight the varying trends in property valuation over time.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing M.G.R. Nagar 5th Street's 2024 value below this median.

• M.G.R. Nagar 6th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 4th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 7th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 3rd Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 8th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 9th Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, leading to a total of Rs 1,17,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers M.G.R. Nagar 5th Street?

The M.G.R. Nagar 5th Street falls under the jurisdiction of the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Tondaiarpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value influences the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar 5th Street?

The current guideline value of M.G.R. Nagar 5th Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, showing an overall increase of 117% over this period.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 13,00,000, the total fees would be Rs 1,17,000.

Which office handles registrations for M.G.R. Nagar 5th Street?

The Royapuram Sub Registrar Office handles registrations for M.G.R. Nagar 5th Street, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

What is the land classification of M.G.R. Nagar 5th Street?

M.G.R. Nagar 5th Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.