Guideline Value for M.G.R.ROAD (NEAR OMR)

M.G.R.Road (Near Omr) guideline value

The current guideline value of M.G.R.Road (Near Omr) is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 under the Neelankarai SRO, and it falls under the Residential Class I Type - II land classification.

How the guideline value of M.G.R.Road (Near Omr) has changed

The guideline value for M.G.R.Road (Near Omr) has undergone several revisions over the years. The oldest recorded revision is from 2017, where the value was Rs 2,345 per sq.ft. This figure increased to Rs 3,500 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 saw the guideline value increase to Rs 3,900 per sq.ft, reflecting an 11% increase from 2023. Overall, from 2017 to 2024, the guideline value has risen by 66%.

There are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street, indicating that the guideline value was not established during those revisions.

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 is Rs 2,200 per sq.ft, placing M.G.R.Road (Near Omr) above this median.

• M.G.Road: Rs 2,200 per sq.ft (2024)
• M.G.R. Street: Rs 2,800 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.Road (Near Omr)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, resulting in a total of Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers M.G.R.Road (Near Omr)?

The M.G.R.Road (Near Omr) 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. 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 in property transactions in Sholinganallur - 1, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is recorded accurately with the local authorities.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the costs associated with property registration. Understanding the guideline value helps in making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of M.G.R.Road (Near Omr)?

The current guideline value of M.G.R.Road (Near Omr) is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,345 per sq.ft in 2017 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 66% over that period.

What is the median guideline value in Sholinganallur - 1?

The median guideline value in Sholinganallur - 1 is Rs 2,200 per sq.ft, with M.G.R.Road (Near Omr) being above this median at Rs 3,900 per sq.ft.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Which office handles property registrations for M.G.R.Road (Near Omr)?

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