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 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village under the Madhavaram SRO. The land classification for this area is Residential Class I 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. The oldest recorded figure is from the 2017 revision, which was Rs 1,675 per sq.ft. This increased to Rs 2,500 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 set the guideline value at Rs 2,700 per sq.ft, reflecting an 8% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 61%. It is important to note that the register does not provide figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with guideline values in 2024 ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value is Rs 2,700 per sq.ft, which is the same as the current value for M.G.R. Nagar 8th Street.

• M.G.R. Nagar 9th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 7th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 6th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 5th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 4th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 3rd Street: Rs 2,700 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 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, while the registration fee at 2% would be Rs 54,000. Together, these fees would total Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

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

The Sub Registrar Office that covers M.G.R. Nagar 8th Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more assistance.

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

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

When buying or selling property, the guideline value helps determine the minimum price at which a property can be registered. This ensures transparency and fairness in property transactions within the region.

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 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,675 per sq.ft to Rs 2,700 per sq.ft in 2024, marking an overall increase of 61%.

What is the land classification for M.G.R. Nagar 8th Street?

The land classification for M.G.R. Nagar 8th Street is Residential Class I Type - I, indicating its suitability for residential development.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it handles registrations for M.G.R. Nagar 8th Street.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot would incur a total of Rs 2,43,000 in fees based on the current guideline value.