Guideline Value for M.G.R. Street (V.L.Puram)

M.G.R. Street (V.L.Puram) guideline value

The current guideline value of M.G.R. Street (V.L.Puram) is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Oragadam village under the Ambattur SRO, classified as Residential Special Type - I.

How the guideline value of M.G.R. Street (V.L.Puram) has changed

The guideline value for M.G.R. Street (V.L.Puram) has undergone several revisions over the years. The 2012 revision set the value at Rs 2,200 per sq.ft, which decreased to Rs 1,474 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,200 per sq.ft in the 2023 revision, and finally rose to Rs 2,400 per sq.ft in the 2024 revision, marking a 9% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2012 revision to the 2024 revision, there has been a 9% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Oragadam

In Oragadam, there are 596 streets under the Ambattur SRO, with guideline values ranging from Rs 1,100 to Rs 3,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, placing M.G.R. Street (V.L.Puram) above this median at Rs 2,400 per sq.ft.

• M.G.R. Street (Pudur): Rs 1,900 per sq.ft (2024)
• M.G.R. Street (Gandhi Nagar Part): Rs 1,800 per sq.ft (2024)
• M.G.R. Street (A.K.A. Nagar): Rs 1,600 per sq.ft (2024)
• Min Nagar: Rs 1,900 per sq.ft (2024)
• Min Nagar extension: Rs 1,900 per sq.ft (2024)
• M.G.R. Avenue (Banu Nagar): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Street (V.L.Puram)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty at 7% would amount to Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, totaling Rs 2,16,000. 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 (V.L.Puram)?

The Sub Registrar Office that covers M.G.R. Street (V.L.Puram) is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value is crucial when buying or selling property in Oragadam, as it determines the minimum value at which a property can be registered. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When registering a property, buyers must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the transaction reflects fair value, and the guideline value plays a significant role in this process.

Frequently asked questions

What is the current guideline value of M.G.R. Street (V.L.Puram)?

The current guideline value of M.G.R. Street (V.L.Puram) is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,200 per sq.ft in 2012 to Rs 1,474 per sq.ft in 2017, then increased to Rs 2,200 per sq.ft in 2023, and finally to Rs 2,400 per sq.ft in 2024.

What is the land classification for M.G.R. Street (V.L.Puram)?

M.G.R. Street (V.L.Puram) is classified as Residential Special Type - I under the guideline value register.

Where can I find the Sub Registrar Office for M.G.R. Street (V.L.Puram)?

The Sub Registrar Office for M.G.R. Street (V.L.Puram) is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is stamp duty calculated for properties in Oragadam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, on a property valued at Rs 24,00,000, the stamp duty would be Rs 1,68,000 at a rate of 7%.