Guideline Value for M.G.R.Street, New Colony

M.G.R.Street, New Colony guideline value

The current guideline value of M.G.R.Street, New Colony is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Naduvakkarai village and falls under the AnnaNagar SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of M.G.R.Street, New Colony has changed

The guideline value for M.G.R.Street has undergone several revisions over the years. The earliest recorded revision is from 2012, with a guideline value of Rs 5,000 per sq.ft. This was followed by a decrease to Rs 3,350 per sq.ft in 2017, a significant drop of 33%. In 2023, the value increased to Rs 5,000 per sq.ft, and the most recent revision in 2024 set the guideline value at Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, when comparing the values from 2012 to 2024, there has been a 10% increase. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Naduvakkarai

Naduvakkarai village has a total of 148 streets under the AnnaNagar SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 15,900 per sq.ft. The median guideline value in this area is Rs 11,500 per sq.ft, placing M.G.R.Street's 2024 figure below that median.

• Maseela Maheshwar Street (Sabari Nagar): Rs 5,400 per sq.ft (2024)
• Nadhamuni Reddy Street: Rs 5,400 per sq.ft (2024)
• Naduvakkarai Street: Rs 5,500 per sq.ft (2024)
• Nathamuni 2nd Cross Street: Rs 5,400 per sq.ft (2024)
• New Colony, Periyar Street, Slum Clearance Board Flats, Naduvakkarai TNHB Land: Rs 5,400 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R.Street, New Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost together to Rs 4,95,000. 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 more details.

Which Sub Registrar Office covers M.G.R.Street, New Colony?

The Sub Registrar Office that covers M.G.R.Street, New Colony is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a critical factor during the registration of property transactions in Naduvakkarai. It serves as the minimum value for which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs involved in the transaction. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price of the property.

Frequently asked questions

What is the current guideline value of M.G.R.Street, New Colony?

The current guideline value of M.G.R.Street, New Colony 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 from Rs 5,000 per sq.ft in 2012 to Rs 3,350 per sq.ft in 2017, then to Rs 5,000 per sq.ft in 2023, and finally to Rs 5,500 per sq.ft in 2024.

What is the land classification for M.G.R.Street, New Colony?

The land classification for M.G.R.Street, New Colony is Residential Class I Type - III.

What are the stamp duty and registration fees for properties in M.G.R.Street?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which Sub Registrar Office is responsible for M.G.R.Street, New Colony?

The AnnaNagar Sub Registrar Office covers M.G.R.Street, New Colony, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.