Guideline Value for M.G.R. Nagar 1st Street (Canal)

M.G.R. Nagar 1st Street (Canal) guideline value

The current guideline value of M.G.R. Nagar 1st Street (Canal) is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Neelankarai village and falls under the Neelankarai SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of M.G.R. Nagar 1st Street (Canal) has changed

Over the years, the guideline value for M.G.R. Nagar 1st Street (Canal) has seen significant changes. In the 2007 revision, the value was Rs 250 per sq.ft, which increased to Rs 1,500 per sq.ft in the 2012 revision. However, there was a decrease of 33% to Rs 1,005 per sq.ft in the 2017 revision. The value then rose to Rs 1,500 per sq.ft in the 2023 revision, followed by a further increase of 13% to the current value of Rs 1,700 per sq.ft in 2024.

From 2007 to 2024, the overall increase in the guideline value is 580%. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of M.G.R. Nagar 1st Street (Canal) is below this median.

• M.G.R. Nagar 2nd Street (Canal): Rs 1,700 per sq.ft (2024)
• M.G.R.Nagar: Rs 1,700 per sq.ft (2024)
• M.G.R. Nagar 3rd Street (Canal): Rs 1,700 per sq.ft (2024)
• M.G.R. Nagar 4th Street (Canal): Rs 1,700 per sq.ft (2024)
• Moul Kuppam Road Known as Kuppam: Rs 1,700 per sq.ft (2024)
• Maruthi Nagar Extn.: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Nagar 1st Street (Canal)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000. Together, the total cost would be Rs 1,53,000. 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 details.

Which Sub Registrar Office covers M.G.R. Nagar 1st Street (Canal)?

The Sub Registrar Office that covers M.G.R. Nagar 1st Street (Canal) 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 Neelankarai

The guideline value plays a crucial role in the registration process when buying or selling property in Neelankarai. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of M.G.R. Nagar 1st Street (Canal)?

The current guideline value of M.G.R. Nagar 1st Street (Canal) is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 250 per sq.ft in 2007 to Rs 1,700 per sq.ft in 2024, marking an overall increase of 580% since 2007.

What is the land classification for M.G.R. Nagar 1st Street (Canal)?

The land classification for M.G.R. Nagar 1st Street (Canal) is Residential Class III Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for M.G.R. Nagar 1st Street (Canal)?

The Sub Registrar Office for M.G.R. Nagar 1st Street (Canal) is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Neelankarai?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000 at a rate of 7%.