Guideline Value for M.G.R. 12TH STREET

M.G.R. 12th Street guideline value

The current guideline value of M.G.R. 12th 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 and is classified as Residential Class II Type - II.

How the guideline value of M.G.R. 12th Street has changed

The guideline value for M.G.R. 12th Street has undergone several revisions over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. The most recent revisions show that in 2023, the guideline value was Rs 2,500 per sq.ft, which increased to Rs 2,800 per sq.ft in 2024, marking a change of +12%.

Prior to the 2023 revision, there were no recorded figures for the street in the years mentioned. The 2024 figure of Rs 2,800 per sq.ft is a notable increase from the previous year's rate.

Guideline values in Sholinganallur - 1

In the Sholinganallur - 1 village, there are 754 streets under the Neelankarai SRO that carry a 2024 guideline value 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. 12th Street's 2024 figure above this median.

• M.G.R. 11th 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. 10th Street: Rs 2,800 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. 12th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total 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, bringing the total cost to Rs 2,52,000. It is important to note that 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.G.R. 12th Street?

The M.G.R. 12th Street falls under 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 the registration process for property transactions in Sholinganallur - 1. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to consider the guideline value, as it may influence the sale price and the associated costs, such as stamp duty and registration fees. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of M.G.R. 12th Street?

The current guideline value of M.G.R. 12th 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 increased from Rs 2,500 per sq.ft in 2023 to Rs 2,800 per sq.ft in 2024, marking a change of +12%. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification of M.G.R. 12th Street?

M.G.R. 12th Street is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

Where can I find the registration office for M.G.R. 12th Street?

The registration office for M.G.R. 12th Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in M.G.R. 12th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, at the current guideline value of Rs 28,00,000, the stamp duty would be Rs 1,96,000 at a rate of 7%.