Guideline Value for M.G.R. Cross Street/Sholavaram Nagar

M.G.R. Cross Street/Sholavaram Nagar guideline value

The current guideline value of M.G.R. Cross Street/Sholavaram Nagar is Rs 1,980 per sq.ft, effective from 1 July 2024. This property is located in Pammal village, under the Pammal SRO, and is classified as Residential Class II Type - II.

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

The guideline value for M.G.R. Cross Street/Sholavaram Nagar has seen significant changes over the years. In 2002, the value was Rs 184 per sq.ft, which increased to Rs 208 per sq.ft in 2003, marking a 13% rise. The value then rose to Rs 360 per sq.ft in 2007, reflecting a 73% increase. By 2017, the guideline value further increased to Rs 1,206 per sq.ft, a substantial 235% jump from 2007. The next revision in 2023 set the value at Rs 1,800 per sq.ft, a 49% increase from 2017. The most recent revision in 2024 brought the guideline value to Rs 1,980 per sq.ft, a 10% increase from the previous year.

It is important to note that there is no figure available for the year 2012 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 976%.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, placing M.G.R. Cross Street/Sholavaram Nagar's 2024 figure below this median.

• M.G.R Nagar, 1st Street: Rs 1,980 per sq.ft (2024)
• M.G.R Nagar, 2nd Street: Rs 1,980 per sq.ft (2024)
• M.G.R Nagar, 3rd Street: Rs 1,980 per sq.ft (2024)
• M.G.R Nagar, 4th Street: Rs 1,980 per sq.ft (2024)
• M.G.R Nagar, 5th Street: Rs 1,980 per sq.ft (2024)
• M.G.R Nagar, 6th Street: Rs 1,980 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value is Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total cost together to Rs 1,78,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

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

The Sub Registrar Office that covers M.G.R. Cross Street/Sholavaram Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pammal. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during property transactions.

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

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

The current guideline value of M.G.R. Cross Street/Sholavaram Nagar is Rs 1,980 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 184 per sq.ft in 2002 to Rs 1,980 per sq.ft in 2024, reflecting an overall increase of 976% over the years.

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

The land classification for M.G.R. Cross Street/Sholavaram Nagar is Residential Class II Type - II.

Where can I find the Sub Registrar Office for M.G.R. Cross Street/Sholavaram Nagar?

The Sub Registrar Office for M.G.R. Cross Street/Sholavaram Nagar is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is stamp duty calculated for properties in Pammal?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 19,80,000, the stamp duty at 7% would be Rs 1,38,600.