Guideline Value for M.G.R. Street

M.G.R. Street guideline value

The current guideline value of M.G.R. Street, located in Orakadu & Kiruthalapuram village under the Redhills SRO, is Rs 385 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I 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 2007, the value was Rs 300 per sq.ft, which increased to Rs 350 per sq.ft in 2012. However, it then dropped to Rs 234 per sq.ft in 2017. The subsequent revision in 2023 raised the value to Rs 350 per sq.ft, and the latest revision in 2024 has set the value at Rs 385 per sq.ft. The register has no figure for the years 2002 and 2003 for this street.

From 2017 to 2023, there was a significant increase of 50%, while the change from 2012 to 2017 was a decrease of 33%. The value increased by 17% from 2007 to 2012, and overall, from 2007 to 2024, the guideline value has risen by 28%.

Guideline values in Orakadu & Kiruthalapuram

In Orakadu & Kiruthalapuram, there are 34 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 275 to Rs 900 per sq.ft. The median value for these streets is Rs 385 per sq.ft, which is equal to the current guideline value of M.G.R. Street.

• Mecca Nagar: Rs 385 per sq.ft (2024)
• Nethaji Street: Rs 385 per sq.ft (2024)
• New Sun City Phase - II: Rs 330 per sq.ft (2024)
• Kulakkarai Street: Rs 275 per sq.ft (2024)
• Orakkadu Grama Pradhana Salai: Rs 385 per sq.ft (2024)
• Kirudhalapuram Pradhana Salai: Rs 385 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 385 per sq.ft, the total guideline value amounts to Rs 3,85,000. The stamp duty at 7% would be Rs 26,950, and the registration fee at 2% would be Rs 7,700, bringing the total fees to Rs 34,650. Please 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 details.

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 information.

How the guideline value is used when you buy or sell in Orakadu & Kiruthalapuram

The guideline value plays a crucial role during property registration in Orakadu & Kiruthalapuram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property transaction.

When buying or selling property, the guideline value is considered to ensure that the transaction is registered at a fair value. This helps in maintaining transparency and accountability in real estate transactions within the region.

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

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 300 per sq.ft in 2007 to Rs 385 per sq.ft in 2024, reflecting various increases and decreases in the intervening years.

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

M.G.R. Street falls under the Residential Class I Type - I land classification, indicating its suitability for residential purposes.

Where is the Redhills Sub Registrar Office located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in M.G.R. Street?

Stamp duty for properties in M.G.R. Street is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot has a total guideline value of Rs 3,85,000, leading to a stamp duty of Rs 26,950.