Guideline Value for M.G.R.ROAD

M.G.R.Road guideline value

The current guideline value of M.G.R.Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This road is located in Chemmancheri village, under the Neelankarai SRO, and is classified as Residential Class I Type - II.

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

The guideline value for M.G.R.Road has seen several revisions over the years. In 2003, the guideline value was Rs 86 per sq.ft, which increased significantly to Rs 300 per sq.ft in 2007. The value then rose to Rs 2,000 per sq.ft in 2012, but experienced a decrease to Rs 1,340 per sq.ft in 2017. Following this, the value surged to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft as of the 2024 revision.

From 2017 to 2023, the increase was 124%, while the jump from 2023 to 2024 was 10%. The most significant rise occurred between 2007 and 2012, with an increase of 567%. Overall, from 2003 to 2024, the guideline value has increased by 3737%. The register has no figure for the year 2002 for this street.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, placing M.G.R.Road's 2024 figure above this median.

• Michael Garden: Rs 3,300 per sq.ft (2024)
• M.G.R.Nagar: Rs 3,300 per sq.ft (2024)
• Mohan Garden: Rs 1,000 per sq.ft (2024)
• Mejestic Recidency: Rs 3,900 per sq.ft (2024)
• M/S Santhiya Garden: Rs 3,300 per sq.ft (2024)
• M/S Suel India Marketing Co: Rs 2,800 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making a total of Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office that covers M.G.R.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 Chemmancheri

The guideline value plays a crucial role in property transactions in Chemmancheri. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value is generally considered the minimum value for which the property can be registered.

When selling property, the guideline value ensures that the sale price is in line with government assessments, preventing undervaluation. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

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

The current guideline value of M.G.R.Road is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 86 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, marking a substantial increase over the years.

What is the median guideline value in Chemmancheri?

The median guideline value for streets in Chemmancheri is Rs 1,700 per sq.ft, with M.G.R.Road's value above this median.

What are the stamp duty and registration fees for property in M.G.R.Road?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office handles registrations for M.G.R.Road?

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