Guideline Value for M.G.R.STREET

M.G.R.Street guideline value

The current guideline value of M.G.R.Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Karapakkam village under the Neelankarai Sub Registrar Office (SRO) jurisdiction. The land classification for this area is Residential Class II Type - II.

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

The guideline value for M.G.R.Street has undergone several revisions over the years. In 2007, the value was Rs 500 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012. However, this figure dropped to Rs 1,340 per sq.ft in 2017. The value then rose to Rs 2,000 per sq.ft in 2023, before reaching the current rate of Rs 2,200 per sq.ft in 2024. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Between the revisions, the changes were as follows: from 2007 to 2012, the value increased by 300%; from 2012 to 2017, it decreased by 33%; from 2017 to 2023, it rose by 49%; and from 2023 to 2024, there was a 10% increase. Overall, from 2007 to 2024, the guideline value has increased by 340%.

Guideline values in Karapakkam

In Karapakkam, there are 185 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,700 per sq.ft, with a median value of Rs 1,700 per sq.ft. M.G.R.Street's 2024 guideline value of Rs 2,200 per sq.ft is above this median.

• MIDDLE 1st CROSS STREET: Rs 1,700 per sq.ft (2024)
• MIDDLE 2nd CROSS STREET: Rs 1,700 per sq.ft (2024)
• Middle Street: Rs 1,700 per sq.ft (2024)
• M/S Fisher Echo Mas India Ltd.,: Rs 2,200 per sq.ft (2024)
• M/S Pure Metalic: Rs 2,200 per sq.ft (2024)
• Mayana Salai: Rs 1,000 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total fees together Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office that covers M.G.R.Street 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 further assistance.

How the guideline value is used when you buy or sell in Karapakkam

The guideline value is a crucial factor in the registration process of property transactions in Karapakkam. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the higher of the guideline value or the sale price.

When buying or selling property, it is essential to be aware of the current guideline value, as it directly impacts the overall cost of the transaction. Buyers should ensure that they factor in these costs when planning their purchase.

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 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 340% over the years.

What are the stamp duty and registration fees for properties in M.G.R.Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 22,00,000, resulting in a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000, totaling Rs 1,98,000.

Which office handles the registration for M.G.R.Street?

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

What is the land classification for M.G.R.Street?

The land classification for M.G.R.Street is Residential Class II Type - II.