Guideline Value for M.G.R. STREET

M.G.R. Street guideline value

The current guideline value of M.G.R. Street in Sholinganallur - 1 village is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Neelankarai SRO and is classified as Residential Class II Type - II.

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

The guideline value of M.G.R. Street has seen several revisions over the years. From the 2017 revision, the value was Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 set the value at Rs 2,800 per sq.ft, reflecting a 12% increase from the previous year.

There are no figures available for the years 2002, 2003, 2007, and 2012 for M.G.R. Street. Overall, from 2017 to 2024, the guideline value has increased by 67%.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 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 for these streets is Rs 2,200 per sq.ft, placing M.G.R. Street's 2024 value above this median.

• M.G.R.Road (Near Omr): Rs 3,900 per sq.ft (2024)
• M.G.Road: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar (Paniyur Grama Natham): Rs 2,800 per sq.ft (2024)
• M.G.R.Nagar (Near K.K.Salai): Rs 3,900 per sq.ft (2024)
• M.G.R. Nagar 5th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. Nagar 4th Street: Rs 2,800 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 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, making the total cost for these fees Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

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

The M.G.R. 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 Sholinganallur - 1

The guideline value plays a crucial role during the registration of property transactions in Sholinganallur - 1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair price.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of ownership. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price.

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 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,800 per sq.ft in 2024, marking an overall increase of 67% over this period.

What are the stamp duty rates for properties on M.G.R. Street?

The stamp duty for properties on M.G.R. Street is charged at 7% of the guideline value or sale price, whichever is higher.

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

The Neelankarai Sub Registrar Office handles registrations for M.G.R. Street, located at 2/71, Gajura Garden, East Coast Road, Neelangarai, Chennai.

What is the median guideline value in Sholinganallur - 1?

The median guideline value for streets in Sholinganallur - 1 is Rs 2,200 per sq.ft, with M.G.R. Street's value being above this median at Rs 2,800 per sq.ft.