Guideline Value for M.G.R. Street

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Padiyanallur village is Rs 660 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Redhills 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 undergone several revisions since 2003. In 2003, the value was Rs 74 per sq.ft, which increased significantly to Rs 300 per sq.ft in 2007, marking a 305% rise. The subsequent revision in 2012 saw the value remain at Rs 600 per sq.ft, but this was followed by a decrease of 33% to Rs 402 per sq.ft in 2017. The value then rose to Rs 600 per sq.ft in 2023, before reaching the current value of Rs 660 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2003 to 2024, the guideline value has increased by 792%. It is important to note that there is no figure available for M.G.R. Street in the 2002 revision.

Guideline values in Padiyanallur

In Padiyanallur, there are 132 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 385 to Rs 2,750 per sq.ft, with a median value of Rs 770 per sq.ft. M.G.R. Street's current guideline value of Rs 660 per sq.ft is below this median.

• Mondiamman Koil Street: Rs 1,320 per sq.ft (2024)
• Moovendhar Street: Rs 770 per sq.ft (2024)
• Meenakshi Nagar: Rs 385 per sq.ft (2024)
• Matha Koil Street: Rs 770 per sq.ft (2024)
• Masuthi Street: Rs 770 per sq.ft (2024)
• Munuswamy Koil Street: Rs 770 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 would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, while the registration fee at 2% would be Rs 13,200. Therefore, the total cost for stamp duty and registration fees would be Rs 59,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

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 Padiyanallur

The guideline value is a crucial factor in the registration process when buying or selling property in Padiyanallur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers should be aware that the guideline value can influence the transaction costs associated with property registration.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives appropriate revenue based on the property's assessed value, which is essential for maintaining public services and infrastructure.

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 74 per sq.ft in 2003 to Rs 660 per sq.ft in 2024, reflecting an overall increase of 792% over this period.

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

M.G.R. Street is classified as Residential Class II Type - I, which indicates its suitability for residential development.

What are the registration fees for property in M.G.R. Street?

The registration fees for property in M.G.R. Street include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for M.G.R. Street located?

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