Guideline Value for M.G.R.Street (Nehru Nagar)

M.G.R.Street (Nehru Nagar) guideline value

The current guideline value of M.G.R.Street (Nehru Nagar) is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of M.G.R.Street (Nehru Nagar) has changed

The guideline value for M.G.R.Street (Nehru Nagar) has seen significant changes over the years. In 2002, the guideline value was Rs 532 per sq.ft. This increased to Rs 900 per sq.ft in 2003, marking a 69% rise. The value continued to rise to Rs 1,100 per sq.ft in 2007, which was a 22% increase. By 2012, the guideline value reached Rs 4,500 per sq.ft, reflecting a substantial 309% increase from the previous revision.

In 2017, the value decreased to Rs 3,015 per sq.ft, a decline of 33%. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value to Rs 4,500 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 4,950 per sq.ft, which is a 10% increase from 2023. Overall, from 2002 to 2024, there has been an increase of 830% in the guideline value.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, making the 2024 figure for M.G.R.Street (Nehru Nagar) above this median.

• M.G.R.Road: Rs 5,500 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)
• Mullai 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)

Stamp duty and registration fee for property in M.G.R.Street (Nehru Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000. Together, the total cost would be Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value and 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 (Nehru Nagar)?

The Sub Registrar Office that covers M.G.R.Street (Nehru Nagar) 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 when registering property transactions in Saligramam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions. It is essential for both parties to be aware of the guideline value to avoid any discrepancies during the registration of the property.

Frequently asked questions

What is the current guideline value of M.G.R.Street (Nehru Nagar)?

The current guideline value of M.G.R.Street (Nehru Nagar) is Rs 4,950 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 4,950 per sq.ft in 2024, marking an overall increase of 830% over this period.

What is the land classification for M.G.R.Street (Nehru Nagar)?

The land classification for M.G.R.Street (Nehru Nagar) is Residential Class I Type - I.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in M.G.R.Street (Nehru Nagar)?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 3,46,500.