Guideline Value for M.G.R. Street, Chennai 82 (Venkatesa Nagar)

M.G.R. Street, Chennai 82 (Venkatesa Nagar) guideline value

The current guideline value for M.G.R. Street, Chennai 82 (Venkatesa Nagar) is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Ayanavaram village under the AnnaNagar SRO and is classified as Residential Class II Type - I.

How the guideline value of M.G.R. Street, Chennai 82 (Venkatesa Nagar) has changed

The guideline value for M.G.R. Street has seen several revisions over the years. In 2007, the value was Rs 1,200 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012. However, it dropped to Rs 2,680 per sq.ft in 2017. The following revision in 2023 raised the value to Rs 4,000 per sq.ft, and the most recent revision in 2024 set it at Rs 4,400 per sq.ft. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, the value increased by 49%, while the jump from 2023 to 2024 was 10%. The value saw a remarkable increase of 233% from 2007 to 2012, followed by a decline of 33% from 2012 to 2017. Overall, from 2007 to 2024, the guideline value has increased by 267%.

Guideline values in Ayanavaram

Ayanavaram has a total of 369 streets under the AnnaNagar SRO, with guideline values ranging from Rs 2,700 to Rs 20,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing M.G.R. Street's 2024 figure below this median.

• M.G.R. Street, Chennai 82: Rs 4,400 per sq.ft (2024)
• Mettu Street Lane: Rs 3,800 per sq.ft (2024)
• Mettu Street: Rs 5,500 per sq.ft (2024)
• Moorthy Raja Street, Chennai 82: Rs 4,400 per sq.ft (2024)
• M.P.Sivagnanam Street, Chennai 82: Rs 4,400 per sq.ft (2024)
• Medavakkam Tank Road: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Street, Chennai 82 (Venkatesa Nagar)

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be 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 duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers M.G.R. Street, Chennai 82 (Venkatesa Nagar)?

The Sub Registrar Office covering M.G.R. Street, Chennai 82 (Venkatesa Nagar) is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration of property transactions in Ayanavaram. 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 is compared with the sale price. The higher of the two is used to calculate the applicable stamp duty and registration fees, ensuring compliance with legal requirements during the transaction process.

Frequently asked questions

What is the current guideline value for M.G.R. Street, Chennai 82?

The current guideline value for M.G.R. Street, Chennai 82 (Venkatesa Nagar) is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 1,200 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024. Significant increases were noted, especially from 2007 to 2012 and from 2017 to 2023.

Which Sub Registrar Office covers this street?

The AnnaNagar Sub Registrar Office covers M.G.R. Street, Chennai 82 (Venkatesa Nagar), located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the median guideline value in Ayanavaram?

The median guideline value in Ayanavaram is Rs 4,900 per sq.ft. M.G.R. Street's current guideline value is below this median.

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 example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.