Guideline Value for M.G.R. Street

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Vengambakkam village is Rs 440 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - III.

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 400 per sq.ft, which was then reduced to Rs 268 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 400 per sq.ft, and the most recent 2024 revision has set it at Rs 440 per sq.ft, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, there was a significant increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Vengambakkam

In Vengambakkam, there are 88 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 5,000 per sq.ft, with a median value of Rs 770 per sq.ft. M.G.R. Street's 2024 figure is below this median.

• Metro Vengambakkam House Site Scheme: Rs 4,460 per sq.ft (2024)
• Mayana Salai: Rs 440 per sq.ft (2024)
• Murugan Nagar Phase I: Rs 3,300 per sq.ft (2024)
• Murugan Nagar Phase II: Rs 3,300 per sq.ft (2024)
• Murugan Nagar Phase - III: Rs 2,200 per sq.ft (2024)
• Murugan Nagar Phase-IV: Rs 2,200 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 rate of Rs 440 per sq.ft, the guideline value totals Rs 4,40,000. The stamp duty at 7% amounts to Rs 30,800, and the registration fee at 2% is Rs 8,800, bringing the total to Rs 39,600. Duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for further calculations.

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

The Sub Registrar Office that covers M.G.R. Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Vengambakkam

The guideline value is a crucial factor during property registration in Vengambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the financial implications of the transaction. It is essential for both buyers and sellers to be aware of the current guideline value to avoid discrepancies during the registration 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 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2012 to Rs 268 per sq.ft in 2017, then increased to Rs 400 per sq.ft in 2023, and finally to Rs 440 per sq.ft in 2024.

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

M.G.R. Street is classified as Residential Class I Type - III.

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

The Sub Registrar Office for M.G.R. Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the significance of the guideline value in property transactions?

The guideline value is used as a benchmark for property registration, determining the minimum value for registration and the applicable stamp duty and registration fees. It is essential for both buyers and sellers to understand this value during property transactions.