Guideline Value for M.G.R. STREET

M.G.R. Street guideline value

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

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

The guideline value for M.G.R. Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent 2024 revision has set it at Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

In summary, the guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, reflecting a 49% increase from 2017 to 2023 and an overall increase of 10% from 2012 to 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Jelandianpettai

In Jelandianpettai, there are 248 streets under the Chennai South Joint I SRO that carry a 2024 guideline value 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 equal to the current value of M.G.R. Street.

• M.G.R. Salai: 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. Street

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

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

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

The M.G.R. Street is covered by 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 details.

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

The guideline value is a crucial factor when registering property transactions in Jelandianpettai. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When you proceed with a property transaction, the guideline value ensures that the sale price is appropriately taxed, thus safeguarding the interests of both the buyer and the seller in the registration process.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, with various revisions in between.

What is the registration office for M.G.R. Street?

The registration office for M.G.R. Street 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.

How is stamp duty calculated for properties in Jelandianpettai?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a plot valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000.

What is the land classification of M.G.R. Street?

M.G.R. Street is classified as Residential Class II Type - I under the Chennai South Joint I SRO.