Guideline Value for M.G.ROAD

M.G.Road guideline value

The current guideline value of M.G.Road in Sholinganallur - 1 village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Neelankarai SRO and is classified as Residential Class II Type - III.

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

The guideline value for M.G.Road has undergone several revisions over the years. The earliest recorded value is from the 2017 revision, which was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current value of M.G.Road.

• 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.Road (Near Omr): Rs 3,900 per sq.ft (2024)
• M.G.R. Street: Rs 2,800 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.Road

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, totaling Rs 1,98,000. Please 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.Road?

The M.G.Road falls under the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a critical factor in the registration process of property transactions in Sholinganallur - 1. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When you register a property, the guideline value serves as a benchmark for calculating these fees. It is important for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

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

The current guideline value of M.G.Road is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64%.

What is the land classification for M.G.Road?

M.G.Road is classified as Residential Class II Type - III under the Neelankarai SRO.

Where can I find the Neelankarai Sub Registrar Office?

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

How is the stamp duty calculated for properties in M.G.Road?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000.