Guideline Value for MGR Street

MGR Street guideline value

The current guideline value of MGR Street in Kavulbazaar village is Rs 825 per sq.ft, effective from 1 July 2024. This street falls under the Pammal Sub Registrar Office and is classified as Residential Class II Type - I.

How the guideline value of MGR Street has changed

The guideline value for MGR Street has undergone several revisions over the years. The 2017 revision set the value at Rs 502 per sq.ft. This increased to Rs 750 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 has further increased the value to Rs 825 per sq.ft, reflecting a change of 10% from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for MGR Street.

Guideline values in Kavulbazaar

Kavulbazaar village has a total of 44 streets under the Pammal SRO that carry a 2024 guideline value, with rates ranging from Rs 825 to Rs 4,500 per sq.ft. The median guideline value for these streets is Rs 825 per sq.ft, which is the same as the guideline value for MGR Street.

• M.L.R Street: Rs 825 per sq.ft (2024)
• Moovar Nagar: Rs 825 per sq.ft (2024)
• Mariamman Koil Street: Rs 825 per sq.ft (2024)
• Manivannan Nagar: Rs 825 per sq.ft (2024)
• Mangaliamman Koil Street: Rs 825 per sq.ft (2024)
• Napc Sudarma: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in MGR Street

For a 1,000 sq.ft plot at the current guideline value of Rs 825 per sq.ft, the total guideline value would be Rs 8,25,000. The stamp duty at 7% would amount to Rs 57,750, and the registration fee at 2% would be Rs 16,500, bringing the total fees to Rs 74,250. 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 on fees applicable to your property.

Which Sub Registrar Office covers MGR Street?

The MGR Street falls under the jurisdiction of the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

For more information, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Kavulbazaar. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value helps in establishing a fair value for the transaction. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of MGR Street?

The current guideline value of MGR Street is Rs 825 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for MGR Street has increased from Rs 502 per sq.ft in 2017 to Rs 825 per sq.ft in 2024, representing an overall increase of 64% over this period.

What are the stamp duty and registration fees for property in MGR Street?

For a property valued at Rs 8,25,000, the stamp duty would be Rs 57,750 and the registration fee would be Rs 16,500, totaling Rs 74,250.

Which office handles the registration for MGR Street?

The Pammal Sub Registrar Office handles the registration for MGR Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the land classification of MGR Street?

MGR Street is classified as Residential Class II Type - I, indicating its designation for residential use within the area.