Guideline Value for M.G.R. 11TH STREET

M.G.R. 11th Street guideline value

The current guideline value of M.G.R. 11th Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in the Sholinganallur - 1 village under the Neelankarai SRO, classified as Residential Class II Type - II.

How the guideline value of M.G.R. 11th Street has changed

The guideline value for M.G.R. 11th Street has undergone several revisions over the years. The 2017 revision set the value at Rs 1,675 per sq.ft. This increased to Rs 2,500 per sq.ft in 2023, marking a significant rise of 49% over six years. The most recent revision in 2024 saw the value rise further to Rs 2,800 per sq.ft, reflecting a 12% increase from the previous year.

There are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 67%.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing M.G.R. 11th Street's 2024 figure above this median.

• M.G.R. 10th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 12th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 12th Street-Jahir Hussain Street Joint Extension: Rs 1,700 per sq.ft (2024)
• M.G.R. 13th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 14th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 1st Cross Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. 11th Street

For a 1,000 sq.ft plot at the current rate of Rs 2,800 per sq.ft, the guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.G.R. 11th Street?

The M.G.R. 11th Street is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Sholinganallur - 1, the guideline value will be used to calculate the stamp duty and registration fees applicable to the transaction.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements and to facilitate a smooth transaction process.

Frequently asked questions

What is the current guideline value of M.G.R. 11th Street?

The current guideline value of M.G.R. 11th Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,800 per sq.ft in 2024, marking an overall increase of 67% during this period.

What are the other streets in Sholinganallur - 1 with the same guideline value?

Other streets in Sholinganallur - 1 with the same guideline value of Rs 2,800 per sq.ft include M.G.R. 10th Street, M.G.R. 12th Street, M.G.R. 13th Street, M.G.R. 14th Street, and M.G.R. 1st Cross Street.

What is the registration fee for a property in M.G.R. 11th Street?

The registration fee for property in M.G.R. 11th Street is calculated based on the guideline value. For example, a property with a guideline value of Rs 28,00,000 would incur a registration fee of Rs 56,000 at a rate of 2%.

Which office handles the registration for M.G.R. 11th Street?

The registration for M.G.R. 11th Street is handled by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.