Guideline Value for M.G.R. CROSS STREET

M.G.R. Cross Street guideline value

The current guideline value of M.G.R. Cross Street in Jelandianpettai village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class II Type - I.

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

The guideline value of M.G.R. Cross Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision. The 2023 revision saw an increase to Rs 2,000 per sq.ft, which then rose to Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. Notably, the 2017 revision does not have a figure recorded for M.G.R. Cross Street, nor do the revisions from 2002, 2003, and 2007.

Guideline values in Jelandianpettai

In Jelandianpettai, there are 248 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which aligns with the guideline value of M.G.R. Cross Street.

• M.G.R. Salai: Rs 2,200 per sq.ft (2024)
• M.G.R. Street: Rs 2,200 per sq.ft (2024)
• Medavakkam Annex Salai: Rs 2,200 per sq.ft (2024)
• M.O.C. Street: Rs 2,200 per sq.ft (2024)
• Masoothi Street: Rs 2,200 per sq.ft (2024)
• Mothilal Nehru Street: Rs 2,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

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

The M.G.R. Cross Street is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Jelandianpettai

The guideline value is a crucial factor in property transactions in Jelandianpettai, as it serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, this value helps in calculating the stamp duty and registration fees that are payable at the time of registration.

It is essential for buyers and sellers to be aware of the guideline value to ensure compliance with legal requirements during property transactions. The guideline value is regularly updated to reflect changes in the market and local regulations.

Frequently asked questions

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

The current guideline value of M.G.R. Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally reaching Rs 2,200 per sq.ft in 2024.

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

M.G.R. Cross Street is classified as Residential Class II Type - I under the Chennai South Joint I SRO.

Which Sub Registrar Office handles registrations for M.G.R. Cross Street?

The Chennai South Joint I Sub Registrar Office handles registrations for M.G.R. Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

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

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.