Guideline Value for M.G.R. Street

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Zaminpallavaram village is Rs 3,520 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class I Type - I.

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

The guideline value for M.G.R. Street has undergone several revisions over the years. In 2003, the value was Rs 218 per sq.ft, which then increased significantly to Rs 600 per sq.ft in 2007. The 2012 revision saw the value rise to Rs 3,200 per sq.ft, but it then dropped to Rs 2,144 per sq.ft in 2017. The most recent revision in 2023 set the value at Rs 3,200 per sq.ft, and the current 2024 revision has increased it to Rs 3,520 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1515%. Notably, there is no figure available for the year 2002 in the register for this street.

Guideline values in Zaminpallavaram

Zaminpallavaram has a total of 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft in 2024. The median value for these streets is Rs 3,300 per sq.ft, placing M.G.R. Street's 2024 value above that median.

• Millath Nagar: Rs 2,100 per sq.ft (2024)
• M.K.Nagar: Rs 4,400 per sq.ft (2024)
• M.M.R.D Road (200 Feet Road): Rs 4,400 per sq.ft (2024)
• M.E.S. Lane Presently Veerapadran Street: Rs 2,750 per sq.ft (2024)
• M.E.S. Colony: Rs 2,750 per sq.ft (2024)
• Meenakshi Avenue: Rs 3,520 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 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty at 7% would be Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, bringing the total cost for these fees to Rs 3,16,800. It's important to note that duty is charged on the higher of the guideline value or the sale price.

For further 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 Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property in Zaminpallavaram. 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 helps both parties understand the official valuation of the property. This value is essential for calculating the applicable stamp duty and registration fees, which are necessary for the legal transfer of property ownership.

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 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 218 per sq.ft in 2003 to Rs 3,520 per sq.ft in 2024, reflecting a significant increase of 1515% over this period.

What is the classification of land on M.G.R. Street?

M.G.R. Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for M.G.R. Street?

The Sub Registrar Office for M.G.R. Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 3,520 per sq.ft, the total fees would amount to Rs 3,16,800.