Guideline Value for M.G.R. NAGAR 4TH STREET

M.G.R. Nagar 4th Street guideline value

The current guideline value of M.G.R. Nagar 4th Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 under the Neelankarai SRO, and the land classification is Residential Class II Type - II.

How the guideline value of M.G.R. Nagar 4th Street has changed

The guideline value for M.G.R. Nagar 4th Street has undergone several revisions over the years. The earliest recorded revision is from 2017, with a guideline value of Rs 1,675 per sq.ft. This figure increased to Rs 2,500 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 set the guideline value at Rs 2,800 per sq.ft, reflecting a 12% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 67%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO, with guideline values 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, placing M.G.R. Nagar 4th Street above this median.

• M.G.R. Nagar 5th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. Nagar 3rd Street: Rs 2,800 per sq.ft (2024)
• M.G.R. Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• M.G.R.Nagar 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• M.G.R. Nagar 1st Street: Rs 2,800 per sq.ft (2024)
• M.G.R.Nagar (Near K.K.Salai): Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 4th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total 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. 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. Nagar 4th Street?

The Sub Registrar Office that covers M.G.R. Nagar 4th 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 information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Sholinganallur - 1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This helps maintain transparency in property transactions and ensures that the government receives its due revenue from property sales.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar 4th Street?

The current guideline value of M.G.R. Nagar 4th 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 has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,800 per sq.ft in 2024, representing an overall increase of 67% over this period.

What is the stamp duty for property in M.G.R. Nagar 4th Street?

The stamp duty for property in M.G.R. Nagar 4th Street is 7% of the guideline value or sale price, whichever is higher.

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.

What is the land classification of M.G.R. Nagar 4th Street?

The land classification of M.G.R. Nagar 4th Street is Residential Class II Type - II.