Guideline Value for M.G.R. Street

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Karasangal village is Rs 402 per sq.ft, effective from 1 July 2024. This street falls under the Sriperumpudur SRO and is classified as Residential Special Type - IV.

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. The 2012 revision set the value at Rs 250 per sq.ft, which then decreased to Rs 167 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 402 per sq.ft, reflecting a change of +141%. The 2023 revision maintained this value, and the current 2024 revision also stands at Rs 402 per sq.ft, showing no change from the previous year.

The register has no figures for the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by +61%.

Guideline values in Karasangal

In Karasangal, there are 59 streets under the Sriperumpudur SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 3,550 per sq.ft. The median value is Rs 402 per sq.ft, which is equal to the guideline value of M.G.R. Street. Below are the other streets in Karasangal:

• Modern Avenue: Rs 600 per sq.ft (2024)
• Manthaveli Amman Koil Street: Rs 250 per sq.ft (2024)
• Nallatchi Amman Extension: Rs 250 per sq.ft (2024)
• Nallatchi Amman Nagar: Rs 250 per sq.ft (2024)
• Nanbargal Avenue: Rs 600 per sq.ft (2024)
• Nanbargal Avenue Extension: Rs 600 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 402 per sq.ft, the total guideline value would be Rs 4,02,000. The stamp duty at 7% would amount to Rs 28,140, and the registration fee at 2% would be Rs 8,040, bringing the total to Rs 36,180. Duty is charged on the higher of the guideline value and 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 M.G.R. Street is covered by the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Karasangal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable stamp duty. This ensures that the government receives the appropriate revenue from property transactions.

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 402 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 2012 to Rs 167 per sq.ft in 2017, then increased to Rs 402 per sq.ft in 2023 and 2024.

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

The land classification for M.G.R. Street is Residential Special Type - IV.

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

The Sub Registrar Office covering M.G.R. Street is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is stamp duty calculated for properties in Karasangal?

Stamp duty is calculated based on the higher of the guideline value and the sale price of the property. The current rate for stamp duty is 7% of the guideline value.