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

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

The current guideline value of M.G.R. Road 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village under the Neelankarai SRO, with a land classification of Residential Special Type - III.

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

The guideline value for M.G.R. Road 2nd Street has seen significant changes over the years. In 2002, the value was set at Rs 246 per sq.ft. This increased to Rs 275 per sq.ft in 2003, followed by a substantial rise to Rs 700 per sq.ft in 2007. The value then jumped dramatically to Rs 5,000 per sq.ft in 2012, before decreasing to Rs 3,350 per sq.ft in 2017. The guideline value was Rs 5,000 per sq.ft again in 2023, and as of 2024, it stands at Rs 5,500 per sq.ft.

Examining the changes between revisions, we see that from 2002 to 2024, the guideline value has increased by 2,136%. The most notable increase occurred between 2007 and 2012, with a rise of 614%. However, from 2012 to 2017, there was a decrease of 33%. The latest revision from 2023 to 2024 shows an increase of 10%.

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 guideline value for these streets is Rs 3,300 per sq.ft, placing M.G.R. Road 2nd Street above this median.

• M.G.R. Road 2nd Cross 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 1st 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)
• M.G.R. Road 6th Cross Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Road 2nd 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, making the total cost for these fees 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.

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

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

The M.G.R. Road 2nd 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. To find your SRO, visit find your SRO.

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

The guideline value is a critical factor during the registration process when buying or selling property in Palavakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is recorded at a fair value as determined by the local authorities.

Frequently asked questions

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

The current guideline value of M.G.R. Road 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed significantly, from Rs 246 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, showing an overall increase of 2,136%.

What is the median guideline value in Palavakkam?

The median guideline value for streets in Palavakkam is Rs 3,300 per sq.ft, with M.G.R. Road 2nd Street being above this median at Rs 5,500 per sq.ft.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 4,95,000 based on the current guideline value.

Which office handles the registration for M.G.R. Road 2nd Street?

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