Guideline Value for M.G.R. Street

M.G.R. Street guideline value

The current guideline value of M.G.R. Street is Rs 990 per sq.ft, effective from 1 July 2024. This street is located in Mannivakkam village and falls under the Gooduvancheri SRO, classified as Residential Special Type - II.

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

Over the years, the guideline value of M.G.R. Street has seen several revisions. The earliest recorded value was Rs 225 per sq.ft in 2007, which increased significantly to Rs 900 per sq.ft in 2012. However, this figure dropped to Rs 603 per sq.ft in 2017. The subsequent revision in 2023 saw a rise to Rs 900 per sq.ft, followed by the current value of Rs 990 per sq.ft from the 2024 revision, marking a 10% increase from the previous year.

To summarize the changes, from 2007 to 2012, there was a 300% increase, followed by a decrease of 33% from 2012 to 2017. The value then rose by 49% from 2017 to 2023. The overall change from 2007 to 2024 shows an increase of 340%. It is important to note that the register has no figures for M.G.R. Street for the years 2002 and 2003.

Guideline values in Mannivakkam

In Mannivakkam, there are 118 streets under the Gooduvancheri SRO, with guideline values ranging from Rs 330 to Rs 4,300 per sq.ft. The median guideline value for these streets is Rs 1,215 per sq.ft, placing M.G.R. Street's current value below that median.

• Minitown Mannivakkam: Rs 3,450 per sq.ft (2024)
• Mudichur Road: Rs 2,750 per sq.ft (2024)
• Masuthi Theru: Rs 990 per sq.ft (2024)
• Masuthi Main Road: Rs 990 per sq.ft (2024)
• Muthukrishnan Nagar: Rs 990 per sq.ft (2024)
• Manneeshwarar Nagar Extn: Rs 1,320 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 990 per sq.ft, the total guideline value amounts to Rs 9,90,000. The stamp duty at 7% would be Rs 69,300, and the registration fee at 2% would be Rs 19,800, totaling Rs 89,100. It is essential to note that the duty is charged on the higher of the guideline value and the sale price. For more calculations, 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 Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery - 603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Mannivakkam. It is the minimum value set by the government for property registration, ensuring that properties are not sold below this value, thus safeguarding revenue for the state.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. These fees are essential components of the property transaction process and must be paid at the time of registration to complete the sale legally.

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 225 per sq.ft in 2007 to Rs 990 per sq.ft in 2024, reflecting an overall increase of 340% over the years.

What is the median guideline value for streets in Mannivakkam?

The median guideline value for the 118 streets in Mannivakkam is Rs 1,215 per sq.ft, which is higher than the current value of M.G.R. Street.

What are the registration fees for property in M.G.R. Street?

The registration fees for a property in M.G.R. Street include a stamp duty of 7% and a registration fee of 2%, calculated based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for M.G.R. Street?

The Gooduvancheri Sub Registrar Office handles property registrations for M.G.R. Street, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery - 603202, Chengalpattu registration zone.