Guideline Value for M.G.R. ROAD 1ST CROSS STREET

M.G.R. Road 1st Cross Street guideline value

The current guideline value of M.G.R. Road 1st Cross Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai SRO. The land classification for this area is Residential Special Type - III.

How the guideline value of M.G.R. Road 1st Cross Street has changed

The guideline value for M.G.R. Road 1st Cross Street has undergone several revisions over the years. In 2012, the value was set at Rs 5,000 per sq.ft. This decreased to Rs 3,350 per sq.ft in 2017, marking a decline of 33%. However, the value saw a significant increase to Rs 5,000 per sq.ft in 2023, and then rose again to Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year. The overall change from 2012 to 2024 shows a modest increase of 10%.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. The revisions indicate a dynamic adjustment in the guideline value, reflecting changes in the local real estate landscape.

Guideline values in Palavakkam

Palavakkam has a total of 349 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing M.G.R. Road 1st Cross Street above this median.

• M.G.R. Road 2nd Cross Street: Rs 5,500 per sq.ft (2024)
• M.G.R. Road 2nd Street: Rs 5,500 per sq.ft (2024)
• M.G.R.Road: Rs 5,500 per sq.ft (2024)
• M.G.R. Road 3rd Cross Street: Rs 5,500 per sq.ft (2024)
• M.G.R. Road 4th Cross Street: Rs 5,500 per sq.ft (2024)
• M.G.R. Road 5th Cross Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Road 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty, charged at 7%, would be Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. Together, these fees total Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.G.R. Road 1st Cross Street?

The M.G.R. Road 1st Cross Street falls under 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 Palavakkam

The guideline value is a crucial factor when registering property transactions in Palavakkam. It serves as a baseline for calculating stamp duty and registration fees, ensuring that these costs are aligned with the current market standards.

When buying or selling property, the guideline value helps determine the official value of the property for taxation purposes. This ensures that both buyers and sellers are aware of the financial obligations associated with the transaction.

Frequently asked questions

What is the current guideline value of M.G.R. Road 1st Cross Street?

The current guideline value of M.G.R. Road 1st Cross Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2012 to Rs 3,350 per sq.ft in 2017, then to Rs 5,000 per sq.ft in 2023, and finally to Rs 5,500 per sq.ft in 2024.

What is the median guideline value in Palavakkam?

The median guideline value for the 349 streets in Palavakkam is Rs 3,300 per sq.ft, which means M.G.R. Road 1st Cross Street is above this median.

How are stamp duty and registration fees calculated?

Stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value.

Which office handles registrations for M.G.R. Road 1st Cross Street?

The Neelankarai Sub Registrar Office handles registrations for M.G.R. Road 1st Cross Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.