Guideline Value for M.G.Ramachandran St ( Ward No.22 )

M.G.Ramachandran St ( Ward No.22 ) guideline value

The current guideline value of M.G.Ramachandran St ( Ward No.22 ) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of M.G.Ramachandran St ( Ward No.22 ) has changed

The guideline value for M.G.Ramachandran St has seen several revisions over the years. In 2012, the value was Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly by 49% to reach Rs 1,500 per sq.ft. The latest revision in 2024 set the guideline value at Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 7% despite the earlier drop between 2012 and 2017.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value is Rs 1,600 per sq.ft, which is equal to the current guideline value for M.G.Ramachandran St.

• M.G.R. Nagar 1st Street (Ward 30): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 2nd Cross st ( Ward No.30 ): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 2nd Street (Ward 30): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 3rd Cross st ( Ward No.30 ): Rs 1,300 per sq.ft (2024)
• M.G.R. Nagar 3rd Street (Ward 30): Rs 1,300 per sq.ft (2024)
• Mettupalayam Reddy Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.Ramachandran St ( Ward No.22 )

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. 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 more detailed calculations.

Which Sub Registrar Office covers M.G.Ramachandran St ( Ward No.22 )?

The Sub Registrar Office that covers M.G.Ramachandran St ( Ward No.22 ) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value as per the local regulations.

When a property is sold, the buyer and seller must consider the guideline value in addition to the sale price. The stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price, which is essential for compliance with the legal requirements during property transactions.

Frequently asked questions

What is the current guideline value of M.G.Ramachandran St ( Ward No.22 )?

The current guideline value of M.G.Ramachandran St ( Ward No.22 ) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification for M.G.Ramachandran St?

M.G.Ramachandran St is classified as Residential Class II Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 16,00,000 would incur a stamp duty of Rs 1,12,000 and a registration fee of Rs 32,000.