Guideline Value for M.G.R. SALAI

M.G.R. Salai guideline value

The current guideline value of M.G.R. Salai is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Jelandianpettai village under the Chennai South Joint I SRO, classified as Residential Class II Type - I.

How the guideline value of M.G.R. Salai has changed

The guideline value for M.G.R. Salai has undergone several revisions over the years. The earliest available figure is from 2012, which was Rs 2,000 per sq.ft. This value decreased to Rs 1,340 per sq.ft in 2017. In the subsequent revision in 2023, the value increased to Rs 2,000 per sq.ft, and the latest revision in 2024 set it at Rs 2,200 per sq.ft.

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

Guideline values in Jelandianpettai

In Jelandianpettai village, there are 248 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,320 to Rs 7,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is the same as the current value for M.G.R. Salai.

• M.G.R. Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Cross Street: Rs 2,200 per sq.ft (2024)
• M.O.C. Street: Rs 2,200 per sq.ft (2024)
• Mothilal Nehru Street: Rs 2,200 per sq.ft (2024)
• Medavakkam Annex Salai: Rs 2,200 per sq.ft (2024)
• Masoothi Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in M.G.R. Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers M.G.R. Salai?

The Sub Registrar Office that covers M.G.R. Salai is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Jelandianpettai. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on the official valuation of the property.

When you register a property transaction, the guideline value helps to determine the legal and financial obligations involved. Buyers and sellers must be aware of this value to ensure compliance with local regulations during the transaction process.

Frequently asked questions

What is the current guideline value of M.G.R. Salai?

The current guideline value of M.G.R. Salai is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has seen various changes, starting from Rs 2,000 per sq.ft in 2012, decreasing to Rs 1,340 per sq.ft in 2017, and then increasing to Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for M.G.R. Salai?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.

Which office handles registrations for M.G.R. Salai?

The Chennai South Joint I Sub Registrar Office handles registrations for M.G.R. Salai, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the land classification for M.G.R. Salai?

M.G.R. Salai is classified as Residential Class II Type - I, which is relevant for determining the guideline value and other regulatory aspects.