Guideline Value for M.G.R. SOUTH STREET

M.G.R. South Street guideline value

The current guideline value of M.G.R. South Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Arumbakkam village and falls under the Kodambakkam SRO. The land classification for this area is Residential Class IV Type - II.

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

The guideline value for M.G.R. South Street has seen several revisions over the years. In 2002, the value was Rs 696 per sq.ft. This increased to Rs 767 per sq.ft in 2003, followed by a rise to Rs 850 per sq.ft in 2007. The value then jumped significantly to Rs 4,000 per sq.ft in 2012, before decreasing to Rs 2,680 per sq.ft in 2017. The 2023 revision set the value at Rs 4,000 per sq.ft, which was then raised to the current Rs 4,400 per sq.ft in 2024.

Between these revisions, the changes were notable. From 2002 to 2003, the increase was +10%. The value then rose by +11% from 2003 to 2007. A substantial increase of +371% was recorded from 2007 to 2012. However, there was a decrease of -33% from 2012 to 2017. The value saw a significant increase of +49% from 2017 to 2023, and finally, a +10% rise from 2023 to 2024. There are no figures available for the years not mentioned in the revisions.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft, with a median value of Rs 6,000 per sq.ft. The guideline value of M.G.R. South Street is below this median.

• Minor Venkatrengam Pillai Street: Rs 3,300 per sq.ft (2024)
• MMDA B Block - Cross Street: Rs 6,000 per sq.ft (2024)
• MMDA C Block - Pasumpon Street: Rs 6,000 per sq.ft (2024)
• M.M.D.A. Colony - A-Block - Thanneer Thotti Salai: Rs 6,000 per sq.ft (2024)
• M.M.D.A. Colony - A-Block - Thiru VI.Ka. Square: Rs 6,000 per sq.ft (2024)
• M.M.D.A. Colony - B - Block - Kaval Nilayam Street: Rs 6,000 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers M.G.R. South Street?

The Sub Registrar Office that covers M.G.R. South Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Arumbakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the legal valuation of the property. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher amount will be used for calculating the applicable duties.

Frequently asked questions

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

The current guideline value of M.G.R. South Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2002?

Since 2002, the guideline value has increased by 532%, from Rs 696 per sq.ft to the current Rs 4,400 per sq.ft in 2024.

What was the guideline value in 2017?

The guideline value in 2017 was Rs 2,680 per sq.ft.

What is the registration office for M.G.R. South Street?

The registration office for M.G.R. South Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is stamp duty calculated for properties in M.G.R. South Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 44,00,000, the stamp duty at 7% would be Rs 3,08,000.