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 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 5th Street has changed

The guideline value of M.G.R. Nagar 5th Street has seen significant changes over the years. In 2002, the guideline value was Rs 152 per sq.ft, which increased to Rs 171 per sq.ft in 2003, marking a change of +13%. By 2017, the value had risen to Rs 2,345 per sq.ft, reflecting an increase of +1271% from 2003. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, representing a +64% increase from 2017. The register has no figure for this street in the years 2023, 2012, and 2007.

Overall, the guideline value has increased by +2433% from 2002 to 2024. This substantial rise highlights the evolving real estate landscape in the area.

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, with a median value of Rs 4,400 per sq.ft. The guideline value of M.G.R. Nagar 5th Street is below this median.

• M.G.R. Nagar 5th Main Road: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 5th Cross Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 6th Cross Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 6th Main Road: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar 6th Street: Rs 3,850 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be 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 and the sale price. You can use our stamp duty and registration fee calculator for more details.

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

The M.G.R. Nagar 5th Street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a critical factor when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the property transaction is recorded accurately, reflecting its true worth according to the local government's assessment.

When registering a property, buyers must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process helps maintain transparency and fairness in real estate 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 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 significantly, from Rs 152 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, which is an overall increase of +2433%.

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

M.G.R. Nagar 5th Street is classified as Residential Class II Type - III.

Where can I find the Velacheri Sub Registrar Office?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, 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.