Guideline Value for M.G.R. STREET

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Manali village, under the Thiruvottiyur SRO, is Rs 1,200 per sq.ft, effective from 1 July 2024. The land classification for this street is Residential Special Type - II.

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

The guideline value for M.G.R. Street has seen several revisions over the years. In 2002, the value was Rs 85 per sq.ft, which increased to Rs 100 per sq.ft in 2003, marking an increase of 18%. The value further rose to Rs 200 per sq.ft in 2007, reflecting a 100% increase. By 2012, the value was Rs 1,100 per sq.ft, showing a significant increase of 450% from the previous revision. However, from 2017 to 2023, the value increased from Rs 737 per sq.ft to Rs 1,100 per sq.ft, which is a 49% increase. The most recent revision in 2024 set the value at Rs 1,200 per sq.ft, a 9% increase from the previous year.

There are no figures available for the revisions between 2002 and 2007, and for the years 2012 to 2017, the register has no figure for this street. Overall, from 2002 to 2024, the guideline value has increased by 1312%.

Guideline values in Manali

In Manali village, there are 84 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,001 to Rs 3,300 per sq.ft, with the median being Rs 1,200 per sq.ft. M.G.R. Street's 2024 guideline value aligns with this median.

• M.P.S. Street: Rs 1,200 per sq.ft (2024)
• Mulapuram Road (Barathiar Street): Rs 1,200 per sq.ft (2024)
• Mathur Salai (Periya Thoppu): Rs 1,200 per sq.ft (2024)
• Munuswamy Mudaliar Street / Munuswamy Street: Rs 1,200 per sq.ft (2024)
• Muthu Mariamman Nagar: Rs 1,200 per sq.ft (2024)
• Mu. Varadharajan Street: Rs 1,200 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 rate of Rs 1,200 per sq.ft, the guideline value would be Rs 12,00,000. The stamp duty at 7% would amount to Rs 84,000, and the registration fee at 2% would be Rs 24,000, totaling Rs 1,08,000. 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 details.

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

The Sub Registrar Office that covers M.G.R. Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Manali. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property in the area. Buyers and sellers should be aware of the current guideline value to ensure they are compliant with the regulations during the registration process.

When a property is registered, the guideline value is considered the minimum value for the transaction. This means that even if the sale price is lower than the guideline value, the stamp duty and registration fees will be calculated based on the guideline value, ensuring that the government receives the appropriate revenue from property transactions.

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 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 85 per sq.ft in 2002 to Rs 1,200 per sq.ft in 2024, reflecting an overall increase of 1312% over the years.

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

The land classification for M.G.R. Street is Residential Special Type - II.

Where can I find the Thiruvottiyur Sub Registrar Office?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price. For instance, if the guideline value is Rs 12,00,000, the stamp duty at 7% would be Rs 84,000.