Guideline Value for M.R. Chetty Street

M.R. Chetty Street guideline value

The current guideline value of M.R. Chetty Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village and falls under the Tambaram Joint 1 SRO, with a land classification of Residential Class II Type - I.

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

The guideline value for M.R. Chetty Street has seen significant changes over the years. The register shows that in 2002, the value was Rs 121 per sq.ft, which increased to Rs 150 per sq.ft in 2003, marking a 24% rise. By 2007, the value had further increased to Rs 400 per sq.ft, reflecting a 167% change from the previous revision. In 2012, the value was Rs 1,200 per sq.ft, which was a substantial increase of 200% from 2007. However, this figure dropped to Rs 804 per sq.ft in 2017, showing a decline of 33%.

In 2023, the guideline value was Rs 1,200 per sq.ft, which then rose to Rs 1,320 per sq.ft in 2024, indicating a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 991% for M.R. Chetty Street.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing M.R. Chetty Street's 2024 figure below this median.

• Mudichur Road(From Gandhi Road End To Perungalathur Boundary): Rs 5,500 per sq.ft (2024)
• Mudichur Road(From G.S.T Road to Kakkan Street): Rs 6,600 per sq.ft (2024)
• Mudichur Road(From Kakkan Street To Gandhi Road End): Rs 7,700 per sq.ft (2024)
• MoogambigaiNagar Ext: Rs 2,200 per sq.ft (2024)
• Moogambigai Nagar 4th st: Rs 2,200 per sq.ft (2024)
• Moogambigai Nagar 3rd st: Rs 2,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total cost for these fees to Rs 1,18,800. 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.R. Chetty Street?

The Sub Registrar Office that covers M.R. Chetty Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Tambaram

The guideline value is a critical factor when buying or selling property in Tambaram. It serves as a benchmark for determining the minimum value of a property, ensuring that transactions are registered at a fair value. When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the guideline value, as it can affect the overall cost of the transaction. The registration process relies on this value to ensure compliance with local regulations and to facilitate a smooth transfer of property ownership.

Frequently asked questions

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

The current guideline value of M.R. Chetty Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 121 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 991%.

What is the median guideline value for streets in Tambaram?

The median guideline value for streets in Tambaram is Rs 3,300 per sq.ft, which is higher than the current value of M.R. Chetty Street.

What are the stamp duty and registration fees for properties on M.R. Chetty Street?

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 1,18,800, based on the current guideline value.

Where is the Sub Registrar Office for M.R. Chetty Street located?

The Sub Registrar Office for M.R. Chetty Street is located at No.26, Mes Road, East Tambaram, Chennai-600059, under the Chengalpattu registration zone.