Guideline Value for M.G.R. Street / Sholavaram Nagar

M.G.R. Street / Sholavaram Nagar guideline value

The current guideline value of M.G.R. Street / Sholavaram Nagar is Rs 1,980 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Residential Class II Type - II.

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

The guideline value for M.G.R. Street / Sholavaram Nagar has seen significant changes over the years. In 2002, the value was Rs 184 per sq.ft, which increased to Rs 208 per sq.ft in 2003, marking a 13% rise. The value then rose to Rs 360 per sq.ft in 2007, a substantial increase of 73%. By 2017, the guideline value further escalated to Rs 1,206 per sq.ft, reflecting a remarkable 235% increase from the previous revision. However, the register has no figure for this street in 2012.

In the subsequent revisions, the guideline value continued to rise, reaching Rs 1,800 per sq.ft in 2023, which was a 49% increase from the 2017 figure. The latest revision in 2024 has set the guideline value at Rs 1,980 per sq.ft, representing a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by an impressive 976%.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO, with guideline values ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, placing M.G.R. Street / Sholavaram Nagar below this median.

• M.G.R. Street / Sathya Nagar: Rs 1,980 per sq.ft (2024)
• MGR Street, Gandhi Nagar Extn: Rs 1,980 per sq.ft (2024)
• M.G.R. Street, Anna Nagar: Rs 2,750 per sq.ft (2024)
• MG Thennavan Street, Poncabriel Nagar: Rs 1,980 per sq.ft (2024)
• M.G.R.Salai: Rs 1,980 per sq.ft (2024)
• MGR Road, Nagelkeni: Rs 1,980 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value amounts to Rs 19,80,000. The stamp duty, calculated at 7%, would be Rs 1,38,600, while the registration fee at 2% would be Rs 39,600. The total amount payable for stamp duty and registration fees together would be Rs 1,78,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.G.R. Street / Sholavaram Nagar?

The M.G.R. Street / Sholavaram Nagar falls under the jurisdiction of the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, 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 Pammal

The guideline value is a crucial factor in property transactions in Pammal. It serves as a benchmark for determining the minimum price at which a property can be sold or registered. When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that these costs are based on a standardized value.

During the registration process, buyers and sellers must consider the guideline value to ascertain the financial implications of their transaction. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration of the property.

Frequently asked questions

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

The current guideline value of M.G.R. Street / Sholavaram Nagar is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 184 per sq.ft in 2002 to Rs 1,980 per sq.ft in 2024, reflecting an overall increase of 976% over the years.

What is the registration fee for properties in M.G.R. Street / Sholavaram Nagar?

The registration fee is calculated at 2% of the guideline value. For example, for a property valued at Rs 19,80,000, the registration fee would be Rs 39,600.

Which office handles the registration of properties in Pammal?

The Pammal Sub Registrar Office handles the registration of properties in Pammal, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

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

Stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 19,80,000, the stamp duty would amount to Rs 1,38,600.