Guideline Value for M.G.R. Street

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Tharapakkam village, under the Pammal SRO, is Rs 880 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

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

The guideline value for M.G.R. Street has seen several revisions over the years. The 2017 revision set the value at Rs 536 per sq.ft, which increased to Rs 800 per sq.ft in the 2023 revision. The most recent 2024 revision has raised the value to Rs 880 per sq.ft, marking a 10% increase from the previous year. There are no figures available for the revisions in 2002, 2003, 2007, and 2012.

From 2017 to 2023, the guideline value increased by 49%, and overall, from 2017 to 2024, it has risen by 64%. This demonstrates a significant upward trend in the guideline value over the past few years.

Guideline values in Tharapakkam

In Tharapakkam, there are 47 streets under the Pammal SRO with a 2024 guideline value ranging from Rs 880 to Rs 5,000 per sq.ft. The median guideline value in the village is Rs 1,100 per sq.ft, placing M.G.R. Street's 2024 figure below this median.

• Mettu Street: Rs 880 per sq.ft (2024)
• Masilamani Garden: Rs 880 per sq.ft (2024)
• Mariamman Koil Street: Rs 1,100 per sq.ft (2024)
• Madha Koil Street: Rs 880 per sq.ft (2024)
• Lurudhu Ammal Nagar: Rs 1,100 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,100 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 880 per sq.ft, the total guideline value would be Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, making the total cost for these fees Rs 79,200. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.G.R. Street?

The Sub Registrar Office that covers M.G.R. Street is 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 Tharapakkam

The guideline value is an essential factor when registering property transactions in Tharapakkam. It serves as a reference point to determine the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the baseline value of the property. It is crucial for buyers and sellers to consider this value during negotiations to ensure a smooth transaction process.

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 536 per sq.ft in 2017 to Rs 800 per sq.ft in 2023, and then to Rs 880 per sq.ft in 2024. This represents a total increase of 64% from 2017 to 2024.

What are the other streets in Tharapakkam with similar guideline values?

Other streets in Tharapakkam with a guideline value of Rs 880 per sq.ft in 2024 include Mettu Street, Masilamani Garden, and Madha Koil Street. Streets like Mariamman Koil Street, Lurudhu Ammal Nagar, and Lakshmi Nagar have higher values of Rs 1,100 per sq.ft.

What are the fees involved when buying a property in M.G.R. Street?

When buying a property in M.G.R. Street, the stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 79,200 based on the current guideline value.

Which office handles the registration for M.G.R. Street?

The Pammal Sub Registrar Office handles the registration for M.G.R. Street. It is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.