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

M.G.R. Nagar Valmeeki Street guideline value

The current guideline value of M.G.R. Nagar Valmeeki Street is Rs 880 per sq.ft, effective from 1 July 2024. This street is located in Peerklankaranai village under the Tambaram Joint 1 SRO, and it falls under the Residential Class II Type - II land classification.

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

The guideline value for M.G.R. Nagar Valmeeki Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 880 per sq.ft, an increase from Rs 800 per sq.ft in 2023, marking a change of +10%. Prior to that, the 2017 revision recorded a value of Rs 536 per sq.ft, which reflects a significant increase of +49% from the 2017 figure to the 2023 figure. The 2012 revision also recorded a value of Rs 800 per sq.ft, which was a decrease of -33% from the 2017 figure.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by +10%.

Guideline values in Peerklankaranai

In Peerklankaranai, there are 322 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 880 to Rs 4,400 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing M.G.R. Nagar Valmeeki Street below this median.

• M.G.R. Nagar Thiruvalluvar Street: Rs 880 per sq.ft (2024)
• M.G.R. Nagar Kattabomman Street: Rs 880 per sq.ft (2024)
• M.G.R. Nagar ilango Street: Rs 880 per sq.ft (2024)
• M.G.R. Nagar Bharathiyar Street: Rs 880 per sq.ft (2024)
• M.G.R. Street: Rs 1,320 per sq.ft (2024)
• M.G.R 2st cross street: Rs 880 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 880 per sq.ft, the total guideline value would be Rs 8,80,000. The stamp duty at 7% would amount to Rs 61,600, and the registration fee at 2% would be Rs 17,600, bringing the total fees to Rs 79,200. It is important to note that the duty is charged on the higher of the guideline value and 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 Valmeeki Street?

The Sub Registrar Office that covers M.G.R. Nagar Valmeeki 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 Peerklankaranai

The guideline value is a critical factor when registering property transactions in Peerklankaranai. It serves as a benchmark for determining the stamp duty and registration fees applicable to a property sale, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property can be registered. This value is essential for compliance with legal requirements and for calculating the financial obligations associated with the property transfer.

Frequently asked questions

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

The current guideline value of M.G.R. Nagar Valmeeki Street is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2023 to Rs 880 per sq.ft in 2024, which is a +10% increase. The value also increased from Rs 536 per sq.ft in 2017 to Rs 800 per sq.ft in 2023, marking a +49% increase.

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

M.G.R. Nagar Valmeeki Street is classified under Residential Class II Type - II land classification.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 8,80,000, the stamp duty would be Rs 61,600 and the registration fee would be Rs 17,600, totaling Rs 79,200.

Which Sub Registrar Office handles registrations for this street?

The Tambaram Joint 1 Sub Registrar Office handles registrations for M.G.R. Nagar Valmeeki Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.