Guideline Value for M.G.R.Nagar 7th Cross Street

M.G.R.Nagar 7th Cross Street guideline value

The current guideline value of M.G.R.Nagar 7th Cross Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of M.G.R.Nagar 7th Cross Street has changed

Looking at the revisions, the guideline value for M.G.R.Nagar 7th Cross Street was Rs 1,200 per sq.ft in the 2023 revision and remained the same in the 2012 revision. The register has no figures for the years 2002, 2003, 2007, and 2017. The most recent revision in 2024 shows an increase of 8% from the previous year, bringing the value to Rs 1,300 per sq.ft.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. This reflects the changes in the property market and the adjustments made by the authorities in guideline values over the years.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value of M.G.R.Nagar 7th Cross Street is below this median.

• M.G.R.Nagar 6th st (Ward No.30): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 6th Street (Ward 30): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 7th Street (Ward 30): Rs 1,300 per sq.ft (2024)
• M.G.R.Nagar 6th Cross st (Ward No.30): Rs 1,300 per sq.ft (2024)
• M.G.R.Nagar 5th st (Ward No.30): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 8th Street (Ward 30): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R.Nagar 7th Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the 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 to Rs 1,17,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.G.R.Nagar 7th Cross Street?

The M.G.R.Nagar 7th Cross Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madhavaram. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that all parties are aware of the financial obligations involved.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two values is used to calculate the necessary fees. This ensures that the registration process is transparent and that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of M.G.R.Nagar 7th Cross Street?

The current guideline value of M.G.R.Nagar 7th Cross 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 was Rs 1,200 per sq.ft in 2023 and 2012. There are no figures available for the years 2002, 2003, 2007, and 2017. The value increased by 8% from 2023 to 2024.

What is the land classification for M.G.R.Nagar 7th Cross Street?

M.G.R.Nagar 7th Cross Street is classified as Residential Class III Type - I.

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

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000. These fees are calculated based on the higher of the guideline value or the sale price.

Which office handles registrations for M.G.R.Nagar 7th Cross Street?

The Madhavaram Sub Registrar Office handles registrations for M.G.R.Nagar 7th Cross Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.