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

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

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

How the guideline value of M.G.R. 1st Cross Street has changed

The guideline value for M.G.R. 1st Cross Street has undergone several revisions over the years. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 2,500 per sq.ft, which increased to Rs 2,800 per sq.ft in the 2024 revision, marking a change of +12%.

Prior to the 2023 revision, there were no figures available for the years listed, making the 2023 value the first recorded figure in recent years. The increase from Rs 2,500 to Rs 2,800 reflects the latest adjustments in the guideline value for this street.

Guideline values in Sholinganallur - 1

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

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

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

For a 1,000 sq.ft plot at the current rate of Rs 2,800 per sq.ft, the guideline value amounts to 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. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.G.R. 1st Cross Street?

The M.G.R. 1st Cross 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 is used to calculate the stamp duty and registration fees that need to be paid during the registration process.

It is important for buyers and sellers to be aware of the current guideline value, as it can affect the overall cost of the transaction. The guideline value serves as a reference point for both parties involved in the sale, ensuring transparency and compliance with local regulations.

Frequently asked questions

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

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

How much has the guideline value changed recently?

The guideline value increased from Rs 2,500 per sq.ft in 2023 to Rs 2,800 per sq.ft in 2024, reflecting a change of +12%.

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

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

Which office handles registrations for properties in this area?

The Neelankarai Sub Registrar Office handles registrations for properties in M.G.R. 1st Cross Street.

How is the stamp duty calculated for properties in M.G.R. 1st Cross Street?

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