Guideline Value for M.G.R. Street

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Tondaiarpet village, under the Royapuram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. The land classification for this street is Residential Class II Type - I.

How the guideline value of M.G.R. Street has changed

Looking at the revisions, the guideline value of M.G.R. Street has seen several changes over the years. The 2007 revision set the value at Rs 600 per sq.ft, which increased to Rs 1,200 per sq.ft in the 2012 revision. However, the value dropped to Rs 804 per sq.ft in the 2017 revision, before rising again to Rs 1,200 per sq.ft in 2023. The most recent revision in 2024 has set the value at Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 117%. Notably, the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1384 streets under the Royapuram SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median value across these streets is Rs 1,600 per sq.ft, placing M.G.R. Street's 2024 figure below this median.

• M.G.R. Nagar 9th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 8th Street: Rs 1,300 per sq.ft (2024)
• Mint Subbayarayalu Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 7th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 6th Street: Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 5th Street: Rs 1,300 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 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, 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 Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Tondaiarpet. It is used to determine the stamp duty and registration fees applicable to the transaction. Buyers should ensure that they are aware of the current guideline value to avoid any discrepancies during registration.

When a property is sold, the guideline value is assessed to ensure that the transaction is registered at a fair value. This helps in maintaining transparency and accountability in property 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 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 117% over the years.

What is the registration office for M.G.R. Street?

The registration office for M.G.R. Street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

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

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 91,000 based on the current guideline value.

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

The land classification for M.G.R. Street is Residential Class II Type - I, which indicates the type of residential development permitted in the area.