Guideline Value for M.G.R. Street

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Tharamani village is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Adayar SRO and is classified as Residential Class II Type - I.

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

The guideline value for M.G.R. Street has seen significant changes over the years. In 2002, the guideline value was Rs 159 per sq.ft. This increased to Rs 300 per sq.ft in 2003, followed by a substantial rise to Rs 1,000 per sq.ft in 2007. The value then rose to Rs 2,500 per sq.ft in 2012, but it decreased to Rs 1,675 per sq.ft in 2017. The value increased again to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,800 per sq.ft from the 2024 revision.

From the 2017 to 2023 revision, the guideline value increased by 49%. The jump from 2023 to 2024 represents a 12% increase. Other changes include a 150% increase from 2007 to 2012 and a 233% increase from 2003 to 2007. Overall, from 2002 to 2024, the guideline value has increased by 1,661%.

Guideline values in Tharamani

In Tharamani, there are 78 streets under the Adayar SRO that carry a 2024 guideline value, ranging from Rs 1,700 to Rs 8,800 per sq.ft, with a median value of Rs 2,800 per sq.ft. M.G.R. Street's 2024 figure is equal to this median.

• MG Nagar Patwari lane: Rs 2,200 per sq.ft (2024)
• MG Nagar NSK Street: Rs 2,200 per sq.ft (2024)
• MG Nagar Mosque Street: Rs 2,800 per sq.ft (2024)
• MG Nagar Mosque Cross Street: Rs 2,800 per sq.ft (2024)
• MG Nagar MGR Street: Rs 2,200 per sq.ft (2024)
• MG Nagar Kirubalani Street: 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 guideline value of Rs 2,800 per sq.ft, the total guideline value is Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

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

The M.G.R. Street is covered by the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Tharamani. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the property is registered at a value that reflects its market standing.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. 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 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 159 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting a total increase of 1,661% over the years.

What is the stamp duty rate for properties in M.G.R. Street?

The stamp duty rate for properties in M.G.R. Street is 7% of the guideline value or sale price, whichever is higher.

Which office handles property registrations for M.G.R. Street?

The Adayar Sub Registrar Office handles property registrations for M.G.R. Street, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

What are the guideline values of other streets in Tharamani?

Other streets in Tharamani have varying guideline values ranging from Rs 2,200 to Rs 2,800 per sq.ft. For example, MG Nagar Patwari lane and MG Nagar NSK Street are both valued at Rs 2,200 per sq.ft, while MG Nagar Mosque Street and MG Nagar Mosque Cross Street are valued at Rs 2,800 per sq.ft.