Guideline Value for M.G.R.Street

M.G.R.Street guideline value

The current guideline value of M.G.R.Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Ottiyampakkam village under the Selaiyur SRO, classified as Residential Special Type - I.

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

The guideline value for M.G.R.Street has undergone several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in the 2023 revision. The latest 2024 revision shows a further increase to Rs 2,200 per sq.ft, marking a 10% rise from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that there are no figures available in the register for the years 2002, 2003, 2007, and 2012 for M.G.R.Street. The revisions reflect a substantial increase in the guideline value, particularly between 2017 and 2023, where it rose by 49%.

Guideline values in Ottiyampakkam

In Ottiyampakkam, there are 88 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 4,300 per sq.ft. The median value for these streets is Rs 1,950 per sq.ft, positioning M.G.R.Street's 2024 figure above this median.

• Metro Square Extension: Rs 3,250 per sq.ft (2024)
• Metro Square: Rs 1,900 per sq.ft (2024)
• Metro Garden: Rs 1,950 per sq.ft (2024)
• Mayana Salai: Rs 1,650 per sq.ft (2024)
• Mariamman Koil Thrid Cross Street: Rs 1,950 per sq.ft (2024)
• Mariamman Koil Street: Rs 1,950 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more accurate estimations.

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

The Sub Registrar Office that covers M.G.R.Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Ottiyampakkam. It is used to determine the stamp duty and registration fees applicable during the sale or purchase of property. Buyers and sellers must consider the guideline value to ensure compliance with local regulations.

When registering a property, the guideline value will be referenced to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. This ensures that the government receives the appropriate revenue from property sales.

Frequently asked questions

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

The current guideline value of M.G.R.Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 64%.

What is the registration office for M.G.R.Street?

The registration office for M.G.R.Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is stamp duty calculated for properties in M.G.R.Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000.

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

M.G.R.Street is classified as Residential Special Type - I under the Selaiyur SRO.