Guideline Value for M.G.R. Street

M.G.R. Street guideline value

The current guideline value for M.G.R. Street in Soorapattu village, under the Ambattur SRO, is Rs 1,100 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. In 2012, the value was Rs 1,000 per sq.ft, which changed to Rs 670 per sq.ft in 2017. The 2023 revision set the value at Rs 1,000 per sq.ft, and the latest revision in 2024 has increased it to Rs 1,100 per sq.ft. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Between the revisions, there have been notable changes. From 2012 to 2017, the value decreased by 33%, while from 2017 to 2023, it increased by 49%. The overall change from 2012 to 2024 shows a 10% increase in the guideline value.

Guideline values in Soorapattu

In Soorapattu village, there are 115 streets under the Ambattur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 5,100 per sq.ft, with a median value of Rs 1,300 per sq.ft. M.G.R. Street's 2024 guideline value is below this median.

• Mettur - 6th Street: Rs 1,200 per sq.ft (2024)
• Mettur - 5th Street: Rs 1,200 per sq.ft (2024)
• Mettur - 4th Street: Rs 1,200 per sq.ft (2024)
• Mettur - 3rd Street: Rs 1,200 per sq.ft (2024)
• Mettur - 2nd Street: Rs 1,200 per sq.ft (2024)
• Mettur - 1st Street: Rs 1,200 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 1,100 per sq.ft, the 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, totaling Rs 99,000. It is important to note that the 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 information.

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

The Sub Registrar Office that covers M.G.R. Street is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Soorapattu. It helps determine the stamp duty and registration fees, which are mandatory for any property transaction.

When you register a property, the guideline value serves as a benchmark for calculating the applicable duties. It is essential to be aware of these values to ensure compliance with local regulations during 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 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 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

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

M.G.R. Street is classified as Residential Class III Type - I, which indicates its use for residential purposes.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 99,000, based on the calculated values.

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

The Ambattur Sub Registrar Office handles registrations for M.G.R. Street, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai.