Guideline Value for M.G.R.NAGAR (CANAL ROAD)

M.G.R.Nagar (Canal Road) guideline value

The current guideline value of M.G.R.Nagar (Canal Road) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Palavakkam village and falls under the Neelankarai SRO. The land classification for this street is Residential Class IV Type - I.

How the guideline value of M.G.R.Nagar (Canal Road) has changed

The guideline value for M.G.R.Nagar (Canal Road) has undergone several revisions over the years. In 2007, the guideline value was Rs 400 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012. However, it saw a decrease to Rs 1,340 per sq.ft in 2017. The value then rose to Rs 2,000 per sq.ft in 2023 and has now reached Rs 2,200 per sq.ft in the 2024 revision. The overall change from 2007 to 2024 is an increase of 450%.

From 2012 to 2017, there was a decrease of 33%, while the increase from 2017 to 2023 was 49%. The most recent change from 2023 to 2024 reflects a 10% increase. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. M.G.R.Nagar (Canal Road) has a guideline value below this median.

• M.G.R.Road: 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 2nd 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)

Stamp duty and registration fee for property in M.G.R.Nagar (Canal Road)

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, while the registration fee at 2% would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers M.G.R.Nagar (Canal Road)?

The Sub Registrar Office that covers M.G.R.Nagar (Canal Road) is 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 plays a crucial role during the registration of property transactions in Palavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately in accordance with government regulations.

When buying or selling property, the guideline value is used to calculate stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can significantly affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of M.G.R.Nagar (Canal Road)?

The current guideline value of M.G.R.Nagar (Canal Road) 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 seen several revisions, starting from Rs 400 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 450%.

What is the land classification for M.G.R.Nagar (Canal Road)?

The land classification for M.G.R.Nagar (Canal Road) is Residential Class IV Type - I.

What are the stamp duty and registration fees for a property in M.G.R.Nagar (Canal Road)?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 1,98,000, based on the guideline value of Rs 22,00,000.

Which office handles property registration for M.G.R.Nagar (Canal Road)?

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