Guideline Value for M.G.R. nagar 3rd Cross Street

M.G.R. nagar 3rd Cross Street guideline value

The current guideline value of M.G.R. nagar 3rd Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class II Type - I.

How the guideline value of M.G.R. nagar 3rd Cross Street has changed

The guideline value for M.G.R. nagar 3rd Cross Street has seen several revisions over the years. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. The most recent revision was in 2024, where the value increased to Rs 2,200 per sq.ft from the 2023 figure of Rs 2,000 per sq.ft, marking a change of +10%.

Prior to the 2024 revision, the 2023 guideline value was Rs 2,000 per sq.ft. The previous revisions do not have figures listed for this street, and thus, no further comparisons can be made for those years.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing M.G.R. nagar 3rd Cross Street's 2024 figure below that median.

• M.G.R. Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar South: Rs 1,650 per sq.ft (2024)
• M.G.R. Street 1st Street: Rs 1,650 per sq.ft (2024)
• M.G.R. Street 2nd Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. nagar 3rd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty is charged at 7%, which totals Rs 1,54,000, and the registration fee at 2% amounts to Rs 44,000. Therefore, the total cost for stamp duty and registration fee would be Rs 1,98,000. 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. nagar 3rd Cross Street?

The Sub Registrar Office covering M.G.R. nagar 3rd Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during the registration of property transactions. It serves as a benchmark for determining the minimum value at which properties can be registered. This value is used to calculate the stamp duty and registration fees applicable to the transaction.

Frequently asked questions

What is the current guideline value of M.G.R. nagar 3rd Cross Street?

The current guideline value of M.G.R. nagar 3rd Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, marking a +10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft. M.G.R. nagar 3rd Cross Street's 2024 figure of Rs 2,200 per sq.ft is below this median.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a total of Rs 1,98,000 in stamp duty and registration fees.

Which office handles the registration for M.G.R. nagar 3rd Cross Street?

The Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, handles the registration for M.G.R. nagar 3rd Cross Street.