Guideline Value for M.R.G.NAGAR 2ND STREET

M.R.G.Nagar 2nd Street guideline value

The current guideline value of M.R.G.Nagar 2nd 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 2nd Street has changed

The guideline value for M.R.G.Nagar 2nd Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,800 per sq.ft in 2024, marking a 12% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 12%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, making the current value of M.R.G.Nagar 2nd Street below that median.

• M.R.G.Nagar 1st Street: Rs 2,800 per sq.ft (2024)
• M.R.G.Nagar Main Road: Rs 2,800 per sq.ft (2024)
• M.R.G.Nagar: 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 2nd 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, bringing the total to Rs 2,52,000. Please note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.R.G.Nagar 2nd Street?

The M.R.G.Nagar 2nd Street falls under the jurisdiction of 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 Okkiyamthuraipakkam

The guideline value plays a crucial role in property transactions in Okkiyamthuraipakkam. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property. The guideline value ensures that the transaction is registered at a fair value as per the government regulations.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This helps maintain transparency in property transactions and ensures that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of M.R.G.Nagar 2nd Street?

The current guideline value of M.R.G.Nagar 2nd 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 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,800 per sq.ft in 2024.

What is the land classification for M.R.G.Nagar 2nd Street?

M.R.G.Nagar 2nd Street is classified as Residential Class II Type - II, indicating its designation for residential purposes.

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.R.G.Nagar 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, if the property is valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 at 7%.