Guideline Value for M.G.R. Street

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Thandalkazhani village is Rs 880 per sq.ft, effective from 1 July 2024. This street falls under 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 of M.G.R. Street has seen several revisions over the years. In the 2007 revision, the value was Rs 300 per sq.ft, which increased significantly to Rs 800 per sq.ft in 2012. However, it then decreased to Rs 536 per sq.ft in the 2017 revision. From 2017 to 2023, there was a substantial increase of 49%, bringing the value to Rs 800 per sq.ft. The most recent revision in 2024 has set the guideline value at Rs 880 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for M.G.R. Street in the 2002 and 2003 revisions. Overall, from 2007 to 2024, the guideline value has increased by 193%.

Guideline values in Thandalkazhani

In Thandalkazhani, there are 27 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 2,750 per sq.ft. The median value is Rs 880 per sq.ft, which is the same as the guideline value for M.G.R. Street. Below are the guideline values for other streets in Thandalkazhani:

• Moogambigai Nagar: Rs 880 per sq.ft (2024)
• Moogambigai Nagar Extn: Rs 880 per sq.ft (2024)
• Madha Nagar: Rs 660 per sq.ft (2024)
• Nehru Street: Rs 880 per sq.ft (2024)
• Nethaji Nagar: Rs 1,210 per sq.ft (2024)
• Nethaji Subash Chandrabose Nagar: Rs 1,210 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 880 per sq.ft, the total guideline value amounts to Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, totaling Rs 79,200. 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 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 Thandalkazhani

The guideline value plays a crucial role during the registration of property transactions in Thandalkazhani. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on the officially recognized value of the property.

When buying or selling property, it is essential to be aware of the guideline value, as it affects the overall cost of the transaction. Buyers should ensure that they are prepared for the associated fees, which are calculated based on this 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 880 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 880 per sq.ft in 2024, marking an overall increase of 193% over the years.

What is the stamp duty rate for properties in M.G.R. Street?

The stamp duty rate for properties in M.G.R. Street is 7% of the guideline value or sale price, whichever is higher.

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.

What is the median guideline value for streets in Thandalkazhani?

The median guideline value for streets in Thandalkazhani is Rs 880 per sq.ft, which is the same as the guideline value for M.G.R. Street.