Guideline Value for M.G.R. 2ND STREET

M.G.R. 2nd Street guideline value

The current guideline value of M.G.R. 2nd 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. The land classification for this area is Residential Class II Type - II.

How the guideline value of M.G.R. 2nd Street has changed

The guideline value register has no figures for M.G.R. 2nd Street for the years 2002, 2003, 2007, 2012, 2017, and 2023. The most recent revision, effective from 1 July 2024, sets the guideline value at Rs 2,800 per sq.ft.

Prior to the 2024 revision, there were no recorded figures for this street in the guideline value register. Therefore, the 2024 figure represents the first official guideline value for M.G.R. 2nd Street.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are a total of 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, making the guideline value of M.G.R. 2nd Street above this median.

• M.G.R. 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 3rd Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 1st Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 4th 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. 5th Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. 2nd Street

For a 1,000 sq.ft plot at the current guideline value 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, bringing the total to Rs 2,52,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers M.G.R. 2nd Street?

The M.G.R. 2nd 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 critical 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 payable during the transfer of property ownership.

When buying or selling property, it is essential to be aware of the guideline value, as it ensures compliance with local regulations and helps avoid potential disputes during the registration process.

Frequently asked questions

What is the current guideline value of M.G.R. 2nd Street?

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

What is the land classification of M.G.R. 2nd Street?

The land classification for M.G.R. 2nd Street is Residential Class II Type - II.

How many streets are there in Sholinganallur - 1 under the Neelankarai SRO?

There are a total of 754 streets in Sholinganallur - 1 under the Neelankarai SRO that carry a guideline value as of 2024.

What are the stamp duty and registration fees for a property in M.G.R. 2nd Street?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.