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

M.G.R. 1st Street guideline value

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

In the 2023 revision, the guideline value was Rs 2,500 per sq.ft. This marked an increase of 12% to the current value of Rs 2,800 per sq.ft in the 2024 revision. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

Prior to the 2023 revision, there are no recorded figures for M.G.R. 1st Street in the guideline value register for the years mentioned above. The most recent revisions indicate a clear upward movement in the guideline value from Rs 2,500 in 2023 to Rs 2,800 in 2024.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, 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, with a median value of Rs 2,200 per sq.ft. M.G.R. 1st Street's 2024 guideline value is above this median.

• M.G.R. 1st Cross Street Extension: Rs 2,800 per sq.ft (2024)
• M.G.R. 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 1st Cross Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 2nd Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 14th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 3rd Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. 1st 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 the stamp duty and registration fee calculator for more details.

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

The M.G.R. 1st 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 in Sholinganallur - 1, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that buyers must pay during the registration process.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately with the appropriate fees applied. It serves as a reference point for both buyers and sellers to understand the official valuation of the property in question.

Frequently asked questions

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

The current guideline value of M.G.R. 1st 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 12% rise. There are no recorded figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

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

Other streets in Sholinganallur - 1, such as M.G.R. 1st Cross Street Extension, M.G.R. 2nd Cross Street, and others, also have a guideline value of Rs 2,800 per sq.ft in 2024.

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

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

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. You can find more details through the provided link.