Guideline Value for M.G.R.Street

M.G.R.Street guideline value

The current guideline value of M.G.R.Street in Rajakilpakkam village, under the Selaiyur SRO, is Rs 880 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class IV Type - II land classification.

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. In the 2012 revision, the value was set at Rs 600 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 402 per sq.ft. The 2023 revision saw a significant increase to Rs 600 per sq.ft, followed by another rise to Rs 880 per sq.ft in the 2024 revision, marking a 47% increase from the previous year.

From 2012 to 2017, the value decreased by 33%, but from 2017 to 2023, it increased by 49%. Overall, comparing the 2012 and 2024 revisions, there has been a 47% increase in the guideline value. The register does not have figures for the years 2002, 2003, or 2007 for this street.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 5,000 per sq.ft. The median value for these streets is Rs 2,150 per sq.ft, making the guideline value of M.G.R.Street below the median.

• Metha Nagar Main Road: Rs 2,150 per sq.ft (2024)
• Metha Nagar: Rs 2,150 per sq.ft (2024)
• M.A.V. Rajapandiyan Avenue: Rs 2,700 per sq.ft (2024)
• M.A.V. Rajapandian Avenue EXt (Rajendran Street): Rs 2,700 per sq.ft (2024)
• Masoothy Colony Main Road: Rs 2,150 per sq.ft (2024)
• Masoothy Colony Kaveri Street: Rs 2,150 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 880 per sq.ft, the total guideline value amounts to Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, bringing the total cost for these fees to Rs 79,200. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

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 information.

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

The guideline value is a crucial factor during the registration of property transactions in Rajakilpakkam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

When buying or selling property, the guideline value helps both parties understand the official value of the property, which can aid in negotiations and ensure compliance with local regulations during the registration process.

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 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2012 to Rs 402 per sq.ft in 2017, then increased to Rs 600 per sq.ft in 2023, and finally to Rs 880 per sq.ft in 2024.

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

M.G.R.Street is classified under Residential Class IV Type - II according to the guideline value register.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 8,80,000, the stamp duty would be Rs 61,600 at 7%.