Guideline Value for M.G.R.Road

M.G.R.Road guideline value

The current guideline value of M.G.R.Road is Rs 5,500 per sq.ft, effective from 1 July 2024. This road is located in Saligramam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Special Type - III.

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

The guideline value for M.G.R.Road has undergone several revisions over the years. In 2002, the guideline value was Rs 532 per sq.ft. This figure increased significantly to Rs 900 per sq.ft in 2003, marking a rise of 69%. The value continued to rise to Rs 1,100 per sq.ft in 2007, which was a 22% increase. By 2012, the value saw a substantial jump to Rs 5,000 per sq.ft, reflecting a 355% increase. However, it then decreased to Rs 3,350 per sq.ft in 2017, a decline of 33%. The value rebounded to Rs 5,000 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 5,500 per sq.ft, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 934%. There are no figures available for the revisions in the years that do not have a specified amount for this street.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for the area is Rs 4,400 per sq.ft, placing M.G.R.Road's 2024 figure above this median.

• M.G.R.Street (Nehru Nagar): Rs 4,950 per sq.ft (2024)
• Meighai Vinayagar Street (Near Bajanai Mada 1st Street): Rs 3,300 per sq.ft (2024)
• Meeransahib Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - V.P.Akilan Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - V.O.C Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R.Road

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost for these fees to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers M.G.R.Road?

The Sub Registrar Office that covers M.G.R.Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Saligramam. It is used to determine the stamp duty and registration fees that must be paid at the time of registration. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value serves as a benchmark for taxation purposes. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of M.G.R.Road?

The current guideline value of M.G.R.Road is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 532 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 934%.

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

The land classification for M.G.R.Road is Residential Special Type - III.

Where can I find the Sub Registrar Office for M.G.R.Road?

The Sub Registrar Office for M.G.R.Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for property transactions in M.G.R.Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at 7%.