Guideline Value for M.G.R. Nagar Valluvan Street

M.G.R. Nagar Valluvan Street guideline value

The current guideline value of M.G.R. Nagar Valluvan Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - II.

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

The guideline value for M.G.R. Nagar Valluvan Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023, and further rose to Rs 2,750 per sq.ft in the 2024 revision, marking a 10% increase from the previous year. The register has no figures for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing M.G.R. Nagar Valluvan Street's 2024 figure above that median.

• M.G.R Nagar Sarangapani Street: Rs 1,650 per sq.ft (2024)
• M.G.R. Nagar Kalaivanar Street: Rs 1,650 per sq.ft (2024)
• M.G.R. Nagar Barathiyar Street: Rs 1,650 per sq.ft (2024)
• M.G.R. Thangalkarai Street: Rs 1,650 per sq.ft (2024)
• M.M.D.A. Nagar Bharathi Street: Rs 1,650 per sq.ft (2024)
• Mohanarangan Street: Rs 2,750 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. Please note that the 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 details.

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

The Sub Registrar Office that covers M.G.R. Nagar Valluvan Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is sold, the registration office will assess the guideline value to calculate the applicable duties. Buyers should be aware that the duty is charged based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

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

The current guideline value of M.G.R. Nagar Valluvan Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

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

The land classification for M.G.R. Nagar Valluvan Street is Residential Class I Type - II.

What is the median guideline value in Chitlapakkam?

The median guideline value for the 548 streets in Chitlapakkam is Rs 1,650 per sq.ft, with M.G.R. Nagar Valluvan Street's 2024 figure being above this median.

How is stamp duty calculated for property in M.G.R. Nagar Valluvan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total duty of Rs 2,47,500.