Guideline Value for M.G.R. Nagar 8th Street

M.G.R. Nagar 8th Street guideline value

The current guideline value of M.G.R. Nagar 8th Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village and falls under the Royapuram SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of M.G.R. Nagar 8th Street has changed

The guideline value for M.G.R. Nagar 8th 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, marking a significant change of +100%. The value remained unchanged at Rs 1,200 per sq.ft until the 2023 revision, when it increased to Rs 1,300 per sq.ft, reflecting an increase of +8%.

From 2007 to 2024, the overall increase in the guideline value is +117%. The register has no figures for the years 2002, 2003, and 2017 for this street.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO, with guideline values ranging from Rs 1,100 to Rs 10,100 per sq.ft as of 2024. The median guideline value for the village is Rs 1,600 per sq.ft, which means that the guideline value of M.G.R. Nagar 8th Street is below this median.

• M.G.R. Nagar 9th 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 6th 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 8th 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, calculated at 7%, would be Rs 91,000, and the registration fee, charged at 2%, would be Rs 26,000. Thus, the total cost for stamp duty and registration would be 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.G.R. Nagar 8th Street?

The M.G.R. Nagar 8th Street is covered by 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 process 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 government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the eyes of the government. It is essential for buyers to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar 8th Street?

The current guideline value of M.G.R. Nagar 8th 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, reflecting an overall increase of +117% over this period.

What are the other streets in Tondaiarpet with the same guideline value?

Other streets in Tondaiarpet with the same guideline value of Rs 1,300 per sq.ft include M.G.R. Nagar 9th Street, M.G.R. Nagar 7th Street, M.G.R. Nagar 6th Street, M.G.R. Nagar 5th Street, M.G.R. Nagar 4th Street, and M.G.R. Nagar 3rd Street.

What is the stamp duty for property in M.G.R. Nagar 8th Street?

The stamp duty for property in M.G.R. Nagar 8th Street is calculated at 7% of the guideline value. For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000.

Which office handles registrations for M.G.R. Nagar 8th Street?

The Royapuram Sub Registrar Office handles registrations for M.G.R. Nagar 8th Street, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.