Guideline Value for M.G.R. ROAD 2ND CROSS STREET

M.G.R. Road 2nd Cross Street guideline value

The current guideline value of M.G.R. Road 2nd 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, and is classified as Residential Special Type - III.

How the guideline value of M.G.R. Road 2nd Cross Street has changed

The guideline value for M.G.R. Road 2nd Cross Street has seen several revisions over the years. The 2012 revision set the value at Rs 5,000 per sq.ft, which was then reduced to Rs 3,350 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 5,000 per sq.ft, and the most recent 2024 revision raised it further to Rs 5,500 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%, while the change from 2012 to 2017 was a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, making the guideline value of M.G.R. Road 2nd Cross Street above this median.

• M.G.R. Road 1st 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 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: 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 2nd 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 at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.G.R. Road 2nd Cross Street?

The M.G.R. Road 2nd Cross Street is covered by 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 critical factor when registering a property in Palavakkam. It serves as a benchmark for calculating stamp duty and registration fees, which are based on the guideline value or the sale price, whichever is higher.

When buying or selling property, it is essential to be aware of the current guideline value, as it influences the total cost involved in the transaction. Buyers should ensure that they are informed about the latest revisions to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of M.G.R. Road 2nd Cross Street?

The current guideline value of M.G.R. Road 2nd 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 2023 to Rs 5,500 per sq.ft in 2024, marking a 10% increase. It was Rs 3,350 per sq.ft in 2017, showing a 49% increase from that year to 2023.

What are the other streets in Palavakkam with the same guideline value?

Other streets in Palavakkam that share the same guideline value of Rs 5,500 per sq.ft in 2024 include M.G.R. Road 1st Cross Street, M.G.R. Road 2nd Street, M.G.R. Road 3rd Cross Street, M.G.R. Road 4th Cross Street, M.G.R. Road, and M.G.R. Road 5th Cross Street.

What is the registration fee for property in M.G.R. Road 2nd Cross Street?

The registration fee for property in M.G.R. Road 2nd Cross Street is calculated at 2% of the guideline value. For a plot valued at Rs 55,00,000, the registration fee would be Rs 1,10,000.

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.