Guideline Value for M.R.G.NAGAR 1ST STREET

M.R.G.Nagar 1st Street guideline value

The current guideline value of M.R.G.Nagar 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Class II Type - II.

How the guideline value of M.R.G.Nagar 1st Street has changed

Over the years, the guideline value for M.R.G.Nagar 1st Street has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which then changed to Rs 1,675 per sq.ft in the 2017 revision, marking a decrease of 33%. However, from 2017 to 2023, the value significantly increased by 49% to reach Rs 2,500 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 2,800 per sq.ft, reflecting a 12% rise from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 12%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, indicating that M.R.G.Nagar 1st Street's current value is below this median.

• M.R.G.Nagar: Rs 2,800 per sq.ft (2024)
• M.R.G.Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• M.R.G.Nagar Main Road: Rs 2,800 per sq.ft (2024)
• Mount Batten Road 1,2,3: Rs 3,900 per sq.ft (2024)
• Mount Batten Prabhu Street: Rs 3,900 per sq.ft (2024)
• M.R.Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in M.R.G.Nagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,800 per sq.ft, the guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.R.G.Nagar 1st Street?

The M.R.G.Nagar 1st Street is covered by 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 Okkiyamthuraipakkam

The guideline value plays a crucial role in property transactions in Okkiyamthuraipakkam. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers should be aware that the guideline value is a benchmark for calculating these fees and is essential for the registration process.

When a property is sold, the registration office refers to the guideline value to ensure that the appropriate fees are collected. This ensures transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of M.R.G.Nagar 1st Street?

The current guideline value of M.R.G.Nagar 1st 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 changed from Rs 2,500 per sq.ft in 2023 to Rs 2,800 per sq.ft in 2024, reflecting a 12% increase. From 2017 to 2023, it rose by 49% from Rs 1,675 per sq.ft to Rs 2,500 per sq.ft.

What is the land classification of M.R.G.Nagar 1st Street?

M.R.G.Nagar 1st Street is classified as Residential Class II Type - II, indicating its suitability for residential development.

What are the other streets in Okkiyamthuraipakkam?

Other streets in Okkiyamthuraipakkam include M.R.G.Nagar, M.R.G.Nagar 2nd Street, M.R.G.Nagar Main Road, Mount Batten Road 1,2,3, Mount Batten Prabhu Street, and M.R.Street, each with varying guideline values.

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.