Guideline Value for M.G.R. Street

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Srinivasapuram village is Rs 1,550 per sq.ft, effective from 1 July 2024. This street falls under the Kunrathur SRO and is classified as Residential Class I Type - I.

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 2007 revision recorded a guideline value of Rs 250 per sq.ft, which saw a significant increase to Rs 1,400 per sq.ft in the 2012 revision. However, the value then decreased to Rs 938 per sq.ft in the 2017 revision before rising to Rs 1,400 per sq.ft again in 2023. The latest revision in 2024 has set the guideline value at Rs 1,550 per sq.ft.

In terms of percentage changes, the guideline value increased by 460% from 2007 to 2012, then decreased by 33% from 2012 to 2017. Following that, it rose by 49% from 2017 to 2023, and finally increased by 11% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 520%. The register has no figures for M.G.R. Street for the years 2002 and 2003.

Guideline values in Srinivasapuram

In the village of Srinivasapuram, there are 39 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 1,550 to Rs 7,400 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing M.G.R. Street's 2024 figure below that median.

• Marshal Lay out: Rs 1,550 per sq.ft (2024)
• Mariyamman Koil Street: Rs 1,550 per sq.ft (2024)
• Kasi Avenue: Rs 2,000 per sq.ft (2024)
• Perumal Koil Street: Rs 1,550 per sq.ft (2024)
• Kamatchi amman Nagar: Rs 2,000 per sq.ft (2024)
• Ragavendira Nagar: Rs 2,000 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 1,550 per sq.ft, the total guideline value amounts to Rs 15,50,000. The stamp duty at 7% would be Rs 1,08,500, and the registration fee at 2% would be Rs 31,000, totaling Rs 1,39,500. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office that covers M.G.R. Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Srinivasapuram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the property's value.

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 1,550 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 250 per sq.ft in 2007 to Rs 1,550 per sq.ft in 2024, reflecting an overall increase of 520% over the years.

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

M.G.R. Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

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

The Kunrathur Sub Registrar Office covers M.G.R. Street and is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How are stamp duty and registration fees calculated for properties in M.G.R. Street?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For instance, a property with a guideline value of Rs 15,50,000 would incur a stamp duty of Rs 1,08,500 and a registration fee of Rs 31,000.