Guideline Value for M.G.R.Street (ward 1)

M.G.R.Street (ward 1) guideline value

The current guideline value of M.G.R.Street (ward 1) in Kerugambakkam village is Rs 1,980 per sq.ft, effective from 1 July 2024. This street falls under the Pammal Sub Registrar Office (SRO) and is classified as Residential Class II Type - II.

How the guideline value of M.G.R.Street (ward 1) has changed

The guideline value for M.G.R.Street (ward 1) has seen several revisions over the years. The oldest recorded revision is from 2017, where the guideline value was Rs 1,206 per sq.ft. This figure increased to Rs 1,800 per sq.ft in 2023, marking a significant rise of 49%. The latest revision in 2024 has set the guideline value at Rs 1,980 per sq.ft, reflecting a 10% increase from 2023. Overall, from 2017 to 2024, the guideline value has risen by 64%.

There are no recorded figures for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Kerugambakkam

Kerugambakkam village has a total of 144 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 4,800 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, making the 2024 figure for M.G.R.Street (ward 1) below that median.

• M.G.R.Street (ward 9): Rs 1,980 per sq.ft (2024)
• M.K.Nagar: Rs 1,980 per sq.ft (2024)
• Moorthy Nagar: Rs 1,760 per sq.ft (2024)
• Multi Industrial Nagar: Rs 2,750 per sq.ft (2024)
• Muthu Mariamman Koil Street: Rs 1,980 per sq.ft (2024)
• Muthu Ramalinga Devar Street: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R.Street (ward 1)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value would be Rs 19,80,000. The stamp duty at 7% would amount to Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total fees together to Rs 1,78,200. 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 more detailed calculations.

Which Sub Registrar Office covers M.G.R.Street (ward 1)?

The M.G.R.Street (ward 1) is covered by the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during property registration in Kerugambakkam. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers should be aware that the guideline value can differ from the sale price, and the higher amount will be used for calculating the applicable duties.

When a buyer approaches the registration office, the guideline value ensures that the property is assessed at a standardized rate, which helps in maintaining transparency in property transactions. It is essential for both buyers and sellers to be informed about 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.Street (ward 1)?

The current guideline value of M.G.R.Street (ward 1) is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,206 per sq.ft in 2017 to Rs 1,800 per sq.ft in 2023, and then to Rs 1,980 per sq.ft in 2024. This represents an overall increase of 64% from 2017 to 2024.

What are the other streets in Kerugambakkam with similar guideline values?

Other streets in Kerugambakkam with a guideline value of Rs 1,980 per sq.ft in 2024 include M.G.R.Street (ward 9), M.K.Nagar, Muthu Mariamman Koil Street, and Muthu Ramalinga Devar Street.

What is the registration office for M.G.R.Street (ward 1)?

The registration office for M.G.R.Street (ward 1) is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is stamp duty calculated for properties in M.G.R.Street (ward 1)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty would be Rs 1,38,600 at a rate of 7% on the guideline value.