Guideline Value

Corporate

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

₹3850/sq.ft.

The guideline value for M.g.r. Nagar 8th 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 ₹170 /sq.ft.
From 1-4-2002 To 31-3-2003 ₹151 /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 8th Street

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

The current guideline value of M.G.R. Nagar 8th 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 8th Street has changed

Starting from the earliest revision in 2002, the guideline value was Rs 151 per sq.ft. This figure increased to Rs 170 per sq.ft in 2003, marking a change of +13%. The value saw a significant rise to Rs 1,500 per sq.ft in 2007, which is an increase of +782%. Following this, in 2017, the guideline value was set at Rs 2,345 per sq.ft, reflecting a change of +56% from the previous revision. The most recent revision in 2024 has brought the guideline value to Rs 3,850 per sq.ft, which is an increase of +64% from 2017. The register has no figures for the years 2012 and 2023 for this street.

Overall, from 2002 to 2024, the guideline value has increased by +2450%, demonstrating a significant rise over the years.

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. The median guideline value for these streets is Rs 4,400 per sq.ft, placing M.G.R. Nagar 8th Street's 2024 figure below that median.

Stamp duty and registration fee for property in M.G.R. Nagar 8th Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the 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 to Rs 3,46,500. 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 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 Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency in real estate transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price.

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

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly, from Rs 151 per sq.ft to Rs 3,850 per sq.ft in 2024, which is an overall increase of +2450%.

What are the stamp duty and registration fees for properties in M.G.R. Nagar 8th Street?

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

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

The Velacheri Sub Registrar Office covers M.G.R. Nagar 8th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the significance of the guideline value in property transactions?

The guideline value is essential for determining the minimum registration value of properties in Velachery. It is used to calculate the stamp duty and registration fees, ensuring that transactions are conducted transparently and fairly.