Guideline Value for M.R.STREET

M.R.Street guideline value

The current guideline value of M.R.Street in Okkiyamthuraipakkam village is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Neelankarai SRO and is classified as Residential Special Type - III.

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

The guideline value for M.R.Street has seen several revisions over the years. In 2012, the guideline value was Rs 5,000 per sq.ft, which decreased to Rs 3,350 per sq.ft in 2017. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 5,000 per sq.ft, marking a 49% rise. The most recent revision in 2024 set the value at Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for M.R.Street in the revisions from the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO with a 2024 guideline value 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, placing M.R.Street's 2024 figure above that median.

• M.R.G.Nagar Main Road: Rs 2,800 per sq.ft (2024)
• M.R.G.Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• M.R.G.Nagar 1st Street: 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)

Stamp duty and registration fee for property in M.R.Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers M.R.Street?

The Sub Registrar Office that covers M.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 Okkiyamthuraipakkam

The guideline value is a crucial factor when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value is used to calculate the applicable fees, which are based on the higher of the guideline value or the sale price. This ensures that the registration process is transparent and based on established values.

Frequently asked questions

What is the current guideline value of M.R.Street?

The current guideline value of M.R.Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2012 to Rs 3,350 per sq.ft in 2017, then increased to Rs 5,000 per sq.ft in 2023, and finally to Rs 5,500 per sq.ft in 2024.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 55,00,000. The stamp duty at 7% is Rs 3,85,000, and the registration fee at 2% is Rs 1,10,000, totaling Rs 4,95,000.

Which Sub Registrar Office covers M.R.Street?

The Neelankarai Sub Registrar Office covers M.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.R.Street?

M.R.Street is classified as Residential Special Type - III under the current guidelines.