Guideline Value for M.G.R.ROAD

M.G.R.Road guideline value

The current guideline value of M.G.R.Road in Palavakkam village is Rs 5,500 per sq.ft, effective from 1 July 2024. This area falls under the Neelankarai SRO and is classified as Residential Special Type - III.

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 2002, the value was Rs 246 per sq.ft, which increased to Rs 397 per sq.ft in 2003, marking a change of +61%. By 2007, the value rose significantly to Rs 2,000 per sq.ft, reflecting a change of +404%. In 2012, the value was Rs 5,000 per sq.ft, showing an increase of +150% from the previous revision. However, in 2017, the value dropped to Rs 3,350 per sq.ft, indicating a decrease of -33%. The 2023 revision set the value at Rs 5,000 per sq.ft, which then increased to Rs 5,500 per sq.ft in 2024, representing a change of +10%.

Overall, from 2002 to 2024, the guideline value has increased by +2136%. There are no figures available for the revisions in years other than those listed.

Guideline values in Palavakkam

In Palavakkam, there are 349 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 3,300 per sq.ft, placing M.G.R.Road's 2024 figure above this median.

• 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)
• M.G.R. Road 5th Cross Street: Rs 5,500 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 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. Together, the total cost for these fees would be Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

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 Palavakkam

The guideline value is a crucial factor in property transactions in Palavakkam. When you buy or sell property, the guideline value serves as a benchmark for calculating the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

It is essential to be aware that the guideline value may differ from the actual sale price. The authorities will charge the stamp duty based on the higher of the two values, ensuring that the transaction is accurately recorded and taxed accordingly.

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 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 246 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of +2136%.

What are the other streets in Palavakkam with the same guideline value?

Other streets in Palavakkam, such as M.G.R. Road 1st Cross Street, 2nd Cross Street, 2nd Street, 3rd Cross Street, 4th Cross Street, and 5th Cross Street, all have a guideline value of Rs 5,500 per sq.ft for 2024.

What is the stamp duty rate for property in M.G.R.Road?

The stamp duty rate for property in M.G.R.Road is 7% of the guideline value or the sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.