Guideline Value

Corporate

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

₹3850/sq.ft.

The guideline value for M.g.r. Nagar 7th Street in Velachery village (Velacheri SRO, Chennai zone) is Rs 3850 per sq.ft, effective 1 July 2024. The land classification is Residential Class Ii Type - Iii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Velachery

Village

Velacheri

SRO

Residential Class II Type - III
History
Period Guideline Value
From 1-7-2024 ₹3850 /sq.ft.
From 1-4-2023 N/A
From 9-6-2017 To 31-3-2023 ₹2345 /sq.ft.
From 1-4-2012 To 8-6-2017 N/A
From 1-8-2007 To 31-3-2012 ₹1500 /sq.ft.
From 1-4-2003 To 31-7-2007 ₹171 /sq.ft.
From 1-4-2002 To 31-3-2003 ₹152 /sq.ft.
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on M.g.r. Nagar 7th Street

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

The current guideline value of M.G.R. Nagar 7th 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 7th Street has changed

The guideline value for M.G.R. Nagar 7th Street has seen significant changes over the years. In 2002, the value was Rs 152 per sq.ft, which increased to Rs 171 per sq.ft in 2003, marking a change of +13%. The value then surged dramatically to Rs 1,500 per sq.ft in 2007, reflecting a substantial increase of +777%. Following this, the guideline value rose to Rs 2,345 per sq.ft in 2017, which was a +56% increase from the previous revision. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, representing a +64% increase from 2017.

There are no figures available for the years 2012 and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by +2433%.

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 7th Street is below this median.

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 3,850 per sq.ft, the total guideline value amounts to 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 cost together to Rs 3,46,500. It is important to note that 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 more detailed calculations.

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

The M.G.R. Nagar 7th 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 in the registration process when buying or selling property in Velachery. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must ensure that the sale price is equal to or greater than the guideline value to avoid any legal issues during registration. This ensures that the transaction is transparent and adheres to the regulatory framework set by the government.

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

How much has the guideline value changed since 2002?

Since 2002, the guideline value has increased by +2433%, from Rs 152 per sq.ft to Rs 3,850 per sq.ft in 2024.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total cost would be Rs 3,46,500.

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

The Velacheri Sub Registrar Office covers M.G.R. Nagar 7th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

Are there other streets in Velachery with the same guideline value?

Yes, several other streets in Velachery have the same guideline value of Rs 3,850 per sq.ft in 2024, including M.G.R. Nagar 7th Main Road, M.G.R. Nagar 8th Main Road, and M.G.R. Nagar 6th Street, among others.