Guideline Value for M.G.R.STREET

M.G.R.Street guideline value

The current guideline value of M.G.R.Street in Uthandi village, under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - II land classification.

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

In the 2003 revision, the guideline value was Rs 310 per sq.ft. This increased to Rs 700 per sq.ft in 2007, marking a significant rise of 126%. The value then jumped to Rs 2,500 per sq.ft in 2012, reflecting an increase of 257%. However, there was a decrease to Rs 1,675 per sq.ft in the 2017 revision, which was a drop of 33%. The value rose again to Rs 2,500 per sq.ft in 2023, showing an increase of 49%. The most recent revision in 2024 has set the guideline value at Rs 2,800 per sq.ft, a rise of 12% from the previous year.

The register has no figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 803%.

Guideline values in Uthandi

Uthandi has a total of 197 streets under the Neelankarai SRO, with guideline values for 2024 ranging from Rs 1,100 to Rs 14,700 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, placing M.G.R.Street's 2024 figure above that median.

• M.G.R.Road: Rs 2,800 per sq.ft (2024)
• M.G.Rathinam Chettiar Street: Rs 1,700 per sq.ft (2024)
• Mottaisami Garden: Rs 1,100 per sq.ft (2024)
• Meenakshi Farm Road & Bay Avenue: Rs 2,800 per sq.ft (2024)
• Mayana Salai: Rs 2,200 per sq.ft (2024)
• Muthalamman Koil Street: Rs 1,700 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 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, making the total cost Rs 2,52,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our 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 more information.

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

The guideline value is a crucial factor during property registration in Uthandi. It determines the minimum value at which a property can be registered and is used to calculate the applicable stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, helping both buyers and sellers understand the financial implications of the sale. It is essential to consult the latest guideline values to ensure compliance with local regulations.

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 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 310 per sq.ft in 2003 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 803% over this period.

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

M.G.R.Street is classified as Residential Class I Type - II, indicating its suitability for residential development.

Where can I find the registration office for M.G.R.Street?

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

How is stamp duty calculated for properties in Uthandi?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 28,00,000, the stamp duty would be calculated at 7% of this amount.