Guideline Value for M.G.R. STREET

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Medavakkam village is Rs 1,870 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class III Type - I.

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

The guideline value of M.G.R. Street has seen significant changes over the years. In 2003, the value was Rs 89 per sq.ft, which increased to Rs 300 per sq.ft in 2007. The value then rose dramatically to Rs 1,700 per sq.ft in 2012, before dropping to Rs 1,139 per sq.ft in 2017. The 2023 revision set the value at Rs 1,700 per sq.ft, and the latest 2024 revision increased it to Rs 1,870 per sq.ft, reflecting a 10% increase from the previous year.

Notably, there is no figure available for M.G.R. Street in the 2002 revision. The overall change from 2003 to 2024 shows an increase of 2001%, highlighting the substantial growth in the guideline value over the years.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. M.G.R. Street's 2024 guideline value of Rs 1,870 per sq.ft is below this median.

• Moovendar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Moovendar Street: Rs 2,200 per sq.ft (2024)
• Medavakkam Main Road: Rs 4,400 per sq.ft (2024)
• Mullai Street: Rs 2,200 per sq.ft (2024)
• Masuthi Street: Rs 1,870 per sq.ft (2024)
• Munusamy Nagar: Rs 2,750 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value amounts to Rs 18,70,000. The stamp duty at 7% would be Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, bringing the total cost for these fees to Rs 1,68,300. 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. Street?

The Sub Registrar Office that covers M.G.R. Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value serves as a benchmark for property transactions in Medavakkam, influencing the amount of stamp duty and registration fees payable during the buying or selling process. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements.

When registering a property, the guideline value is used to calculate the applicable fees, which are mandatory for all transactions. Buyers should always verify the latest guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of M.G.R. Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 89 per sq.ft in 2003 to Rs 1,870 per sq.ft in 2024, marking an overall increase of 2001% over this period.

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

The registration office for M.G.R. Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the stamp duty for property in M.G.R. Street?

The stamp duty for property in M.G.R. Street is calculated at 7% of the guideline value or sale price, whichever is higher.

Are there other streets with higher guideline values in Medavakkam?

Yes, there are several other streets in Medavakkam with higher guideline values, such as Medavakkam Main Road at Rs 4,400 per sq.ft and Munusamy Nagar at Rs 2,750 per sq.ft for 2024.