Guideline Value for M.G.R.Street (Burma Colony)

M.G.R.Street (Burma Colony) guideline value

The current guideline value of M.G.R.Street (Burma Colony) is Rs 1,600 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 II Type - I.

How the guideline value of M.G.R.Street (Burma Colony) has changed

Over the years, the guideline value of M.G.R.Street (Burma Colony) has seen several revisions. The most recent revision in 2024 set the guideline value at Rs 1,600 per sq.ft, which is an increase of 7% from the 2023 revision of Rs 1,500 per sq.ft. Prior to that, the 2012 revision also recorded the value at Rs 1,500 per sq.ft, indicating no change from 2012 to 2023. The register has no figures for the years 2002, 2003, 2007, and 2017.

When looking at the overall changes from the 2012 revision to the 2024 revision, there has been a total increase of 7%. This reflects the current guideline value aligning with the median value for streets in Madhavaram.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value is Rs 1,600 per sq.ft, which is equal to the current guideline value of M.G.R.Street (Burma Colony).

• M.G.R.Street ( Ward No.7 ): Rs 1,300 per sq.ft (2024)
• M.G.R. St ( Ward No.22 ): Rs 1,300 per sq.ft (2024)
• M.H. Road (Ward-05): Rs 3,300 per sq.ft (2024)
• M.H. Road (Ward-08): Rs 3,300 per sq.ft (2024)
• Micetich Colony (Ward-18): Rs 1,600 per sq.ft (2024)
• MGR St, Ponniammanmedu (Ward-22): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R.Street (Burma Colony)

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers M.G.R.Street (Burma Colony)?

The Sub Registrar Office that covers M.G.R.Street (Burma Colony) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Madhavaram. It serves as the base for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers should be aware that the guideline value will influence the overall cost of the property transfer.

When registering a property, the guideline value is used to assess the applicable fees, ensuring that the transaction is recorded accurately. This value helps maintain transparency in property dealings and provides a standardized measure for valuation across the region.

Frequently asked questions

What is the current guideline value of M.G.R.Street (Burma Colony)?

The current guideline value of M.G.R.Street (Burma Colony) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2023 to Rs 1,600 per sq.ft in 2024, marking a 7% increase. From 2012 to 2023, the value remained at Rs 1,500 per sq.ft, with no figures available for the years 2002, 2003, 2007, and 2017.

What is the land classification of M.G.R.Street (Burma Colony)?

M.G.R.Street (Burma Colony) is classified as Residential Class II Type - I. This classification is essential for determining the guideline value and other regulatory aspects of property transactions.

Where can I find the Sub Registrar Office for M.G.R.Street (Burma Colony)?

The Sub Registrar Office for M.G.R.Street (Burma Colony) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in M.G.R.Street (Burma Colony)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at a rate of 7%.