Guideline Value for M.G.R. 1ST CROSS STREET EXTENSION

M.G.R. 1st Cross Street Extension guideline value

The current guideline value of M.G.R. 1st Cross Street Extension 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. 1st Cross Street Extension has changed

The guideline value for M.G.R. 1st Cross Street Extension has seen several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the value at Rs 2,500 per sq.ft, and the latest revision in 2024 increased it to Rs 2,800 per sq.ft, marking a change of +12%.

Prior to the 2023 revision, there were no recorded figures for this street in the register for the years mentioned. The increase from Rs 2,500 to Rs 2,800 reflects the current valuation as of July 2024.

Guideline values in Sholinganallur - 1

In the Sholinganallur - 1 village, there are 754 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, which means that M.G.R. 1st Cross Street Extension's 2024 figure is above that median.

• M.G.R. 1st Cross Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 1st Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 14th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 13th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 2nd Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. 1st Cross Street Extension

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 be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. Note that the duty is charged on the higher of the guideline value and 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. 1st Cross Street Extension?

The M.G.R. 1st Cross Street Extension 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 an essential factor in property transactions in Sholinganallur - 1. It is used to determine the stamp duty and registration fees that need to be paid during the registration process.

When buying or selling property, the guideline value serves as a benchmark for the transaction. It ensures that the government receives the appropriate revenue from property transactions based on the established values.

Frequently asked questions

What is the current guideline value of M.G.R. 1st Cross Street Extension?

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

How much has the guideline value changed recently?

From the 2023 revision to the 2024 revision, the guideline value increased from Rs 2,500 to Rs 2,800 per sq.ft, which is a change of +12%.

What is the land classification for M.G.R. 1st Cross Street Extension?

M.G.R. 1st Cross Street Extension is classified as Residential Class II Type - II.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is 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 this area?

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