Guideline Value for M.G.R. Nagar 7th Street

M.G.R. Nagar 7th Street guideline value

The current guideline value of M.G.R. Nagar 7th Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village, under the Royapuram SRO, and is classified as Residential Class II Type - I.

How the guideline value of M.G.R. Nagar 7th Street has changed

The guideline value for M.G.R. Nagar 7th Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 1,300 per sq.ft, an increase from Rs 1,200 per sq.ft in the 2023 revision. Prior to that, the value was Rs 1,200 per sq.ft in the 2012 revision, indicating no change from the previous year. The 2007 revision marked a significant increase to Rs 600 per sq.ft. The register has no figures for the years 2017, 2003, and 2002.

Overall, from the 2007 revision to the 2024 revision, there has been a total increase of 117%. The changes between the revisions are as follows: from 2007 to 2012, the value increased by 100%, and from 2023 to 2024, there was an 8% increase.

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 value for these streets is Rs 1,600 per sq.ft, placing M.G.R. Nagar 7th Street's 2024 figure below that median.

• M.G.R. Nagar 8th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 6th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 9th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 5th 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 3rd Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.G.R. Nagar 7th Street?

The Sub Registrar Office that covers M.G.R. Nagar 7th Street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Tondaiarpet. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties and fees. This process helps maintain transparency in property transactions within the region.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar 7th Street?

The current guideline value of M.G.R. Nagar 7th 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 seen several revisions, with the most recent being an increase from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024. The overall increase from Rs 600 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024 is 117%.

What is the median guideline value for streets in Tondaiarpet?

The median guideline value for streets in Tondaiarpet is Rs 1,600 per sq.ft. M.G.R. Nagar 7th Street's value is below this median.

What are the stamp duty and registration fees for properties in M.G.R. Nagar 7th Street?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000. Duties are charged on the higher of the guideline value or the sale price.

Which office handles property registrations for M.G.R. Nagar 7th Street?

The Royapuram Sub Registrar Office handles property registrations for M.G.R. Nagar 7th Street, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.