Guideline Value for M.G.R. Street

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Grandlyon village, under the Redhills SRO, is Rs 660 per sq.ft, effective from 1 July 2024. This street 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 undergone several revisions over the years. In the 2007 revision, the value was set at Rs 300 per sq.ft. This increased to Rs 600 per sq.ft in the 2012 revision, followed by a decrease to Rs 402 per sq.ft in 2017. The 2023 revision saw a significant increase to Rs 600 per sq.ft, and the most recent 2024 revision established the current value at Rs 660 per sq.ft, representing a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 120%. The register has no figures for M.G.R. Street for the years 2002 and 2003.

Guideline values in Grandlyon

In Grandlyon village, there are 82 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,500 per sq.ft. The median value is Rs 660 per sq.ft, which matches the current guideline value of M.G.R. Street.

• M.C. Devaraj Nagar: Rs 880 per sq.ft (2024)
• Muruganandam Street: Rs 660 per sq.ft (2024)
• Manonmani Street: Rs 660 per sq.ft (2024)
• Muthu Kumaran Nagar: Rs 515 per sq.ft (2024)
• Muthu Kumaran Nagar Annex: Rs 820 per sq.ft (2024)
• Naalvar Nagar: Rs 660 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 660 per sq.ft, the total guideline value amounts to Rs 6,60,000. The stamp duty at 7% would be Rs 46,200, and the registration fee at 2% would be Rs 13,200, making the total fees together Rs 59,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers M.G.R. Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Grandlyon. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

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 and fees. This ensures that the registration process is aligned with the official valuation of properties in the area.

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 660 per sq.ft in 2024, reflecting an overall increase of 120% over this period.

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

M.G.R. Street is classified as Residential Class II Type - I, indicating its designation for residential use.

What are the stamp duty and registration fees for properties on M.G.R. Street?

For a property valued at Rs 6,60,000, the stamp duty would be Rs 46,200 and the registration fee would be Rs 13,200, totaling Rs 59,400.

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

The Redhills Sub Registrar Office handles registrations for M.G.R. Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.