Guideline Value for M.G.R. Street

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Chembakkam village is Rs 1,100 per sq.ft, effective from 1 July 2024. This street falls under the Selaiyur SRO and is classified as Residential Class III Type - II.

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 2007, the value was set at Rs 250 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2012, marking a 300% rise. However, it then decreased to Rs 670 per sq.ft in 2017, a drop of 33%. The value was revised again in 2023 to Rs 1,000 per sq.ft, and most recently, it has increased to Rs 1,100 per sq.ft in 2024, reflecting a 10% increase.

Between 2017 and 2023, the guideline value rose by 49%, leading to the current figure of Rs 1,100 per sq.ft. Overall, from 2007 to 2024, the guideline value has increased by 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 Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO with a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, indicating that M.G.R. Street's 2024 figure is below this median.

• M.G.R. Nagar Open gate: Rs 1,100 per sq.ft (2024)
• M.G.R Nagar Main Road: Rs 1,100 per sq.ft (2024)
• M.G.R. Main Road: Rs 1,100 per sq.ft (2024)
• M.G.R. 3rd Street: Rs 1,100 per sq.ft (2024)
• M.G.R 3rd Cross Street: Rs 1,100 per sq.ft (2024)
• M.G.R. 2nd Street: 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 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. 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?

The M.G.R. Street is covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Chembakkam

The guideline value is a critical factor in the registration process when buying or selling property in Chembakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded accurately, reflecting the value of the property as recognized by the government. This helps maintain transparency in property dealings and ensures that the appropriate taxes are collected.

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 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, reflecting a significant increase of 340% over the years.

What are the stamp duty and registration fees for M.G.R. Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

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

The Selaiyur Sub Registrar Office covers M.G.R. Street, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

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

M.G.R. Street is classified as Residential Class III Type - II, indicating its designation for residential use within the area.