Guideline Value for M.G.R. 8TH STREET

M.G.R. 8th Street guideline value

The current guideline value of M.G.R. 8th Street, located in Sholinganallur - 1 village under the Neelankarai SRO, is Rs 2,800 per sq.ft as per the 2024 revision effective from 1 July 2024. This street is classified as Residential Class II Type - II.

How the guideline value of M.G.R. 8th Street has changed

The guideline value for M.G.R. 8th Street has seen significant changes over the years. The register shows that in the 2017 revision, the value was Rs 1,675 per sq.ft. This represents a notable increase of 67% to the current value of Rs 2,800 per sq.ft in the 2024 revision. The register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

From 2017 to 2024, the increase in the guideline value reflects the latest adjustments made by the Registration Department. The current value is now above the median value of Rs 2,200 per sq.ft for the 754 streets in Sholinganallur - 1 that carry a 2024 guideline value.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, the guideline values for various streets range from Rs 1,000 to Rs 8,800 per sq.ft, with a median of Rs 2,200 per sq.ft. M.G.R. 8th Street's 2024 figure of Rs 2,800 per sq.ft is above this median. Below are the guideline values for other streets in Sholinganallur - 1:

• M.G.R. 7th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 9th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 6th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 5th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 4th 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. 8th 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. Together, the total cost for these fees would be Rs 2,52,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers M.G.R. 8th Street?

The Sub Registrar Office that covers M.G.R. 8th Street is 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 details.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value plays a crucial role during the registration process when buying or selling property in Sholinganallur - 1. It is used to determine the stamp duty and registration fees, which are essential components of the transaction costs.

Frequently asked questions

What is the current guideline value of M.G.R. 8th Street?

The current guideline value of M.G.R. 8th Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 1,675 per sq.ft to Rs 2,800 per sq.ft, which is an increase of 67%.

What is the land classification of M.G.R. 8th Street?

M.G.R. 8th Street is classified as Residential Class II Type - II, indicating its designated use for residential purposes.

Which SRO is responsible for M.G.R. 8th Street?

The Neelankarai Sub Registrar Office is responsible for M.G.R. 8th Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What are the stamp duty and registration fees for a property in M.G.R. 8th 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. Duty is charged on the higher of the guideline value or the sale price.