Guideline Value for M.G.R. Street

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Kolathur village under the Sembiam SRO is Rs 2,700 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 seen several revisions over the years. Starting from Rs 235 per sq.ft in 2002, it increased to Rs 255 per sq.ft in 2003. The value then rose significantly to Rs 700 per sq.ft in 2007, followed by a decrease to Rs 2,500 per sq.ft in 2012. By 2017, it was set at Rs 1,675 per sq.ft, and in 2023, it further increased to Rs 2,500 per sq.ft. The most recent revision in 2024 has set the guideline value at Rs 2,700 per sq.ft.

In terms of percentage changes, the guideline value increased by 8% from 2023 to 2024. From 2017 to 2023, there was a significant increase of 49%. However, from 2012 to 2017, the value decreased by 33%. The rise from 2007 to 2012 was notable at 257%, while the increase from 2003 to 2007 was 175%. The change from 2002 to 2003 was 9%. Overall, from 2002 to 2024, the guideline value has increased by 1,049%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. M.G.R. Street's 2024 guideline value of Rs 2,700 per sq.ft is below this median.

• M.G.R. Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Mettu Street 1st Lane: Rs 2,700 per sq.ft (2024)
• Mettu Street: Rs 2,700 per sq.ft (2024)
• Mettu Lane: Rs 2,700 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 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, 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 Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kolathur. It serves as a reference point for determining the stamp duty and registration fees that are applicable to the transaction.

When a property is registered, the guideline value is considered to ensure that the appropriate fees are collected based on the value of the property. This helps maintain transparency and standardization 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 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 235 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 1,049% over the years.

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

M.G.R. Street is classified as Residential Class II Type - I.

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

For a 1,000 sq.ft plot at the current rate, the total stamp duty and registration fees would amount to Rs 2,43,000.

Which office handles the registration for M.G.R. Street?

The Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011, handles the registration for M.G.R. Street.