Guideline Value for MMDA P – Block M.G.R 5th Street

MMDA P – Block M.G.R 5th Street guideline value

The current guideline value of MMDA P – Block M.G.R 5th Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Arumbakkam village and falls under the Kodambakkam SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of MMDA P – Block M.G.R 5th Street has changed

The guideline value for MMDA P – Block M.G.R 5th Street has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 5,500 per sq.ft. This was followed by a decrease to Rs 3,685 per sq.ft in 2017. The 2023 revision set the value at Rs 5,500 per sq.ft, which was then increased to Rs 6,000 per sq.ft in 2024, marking a 9% rise from the previous year.

From 2017 to 2023, there was a significant increase of 49% in the guideline value. Overall, comparing the years 2012 to 2024, there has been a net increase of 9%. It is important to note that the register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value for this area is Rs 6,000 per sq.ft, which is equal to the current guideline value for MMDA P – Block M.G.R 5th Street.

• MMDA N Block –Bagatsing 3rd Street: Rs 6,000 per sq.ft (2024)
• MMDA P Block M.G.R. Street (or) M.G.R.Main Road: Rs 6,000 per sq.ft (2024)
• MMDA N Block –Bagatsing 2nd Street: Rs 6,000 per sq.ft (2024)
• MMDA N Block –Bagatsing 1st Street: Rs 6,000 per sq.ft (2024)
• Mmda H - Block - Thirumagal Street: Rs 6,000 per sq.ft (2024)
• MMDA G Block - Vallalar Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in MMDA P – Block M.G.R 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total to Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers MMDA P – Block M.G.R 5th Street?

The MMDA P – Block M.G.R 5th Street is covered by the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Arumbakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in determining the minimum value at which a property can be registered. This ensures transparency and fairness in property transactions, as it reflects the official valuation of the property based on its location and classification.

Frequently asked questions

What is the current guideline value for MMDA P – Block M.G.R 5th Street?

The current guideline value for MMDA P – Block M.G.R 5th Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,500 per sq.ft in 2012 to Rs 3,685 per sq.ft in 2017, then back to Rs 5,500 per sq.ft in 2023, and finally to Rs 6,000 per sq.ft in 2024.

What is the land classification for MMDA P – Block M.G.R 5th Street?

The land classification for MMDA P – Block M.G.R 5th Street is Residential Special Type - II.

Where is the Kodambakkam Sub Registrar Office located?

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 60,00,000 would incur a stamp duty of Rs 4,20,000 at 7%.