Guideline Value for MICHAEL GARDEN

Michael Garden guideline value

The current guideline value of Michael Garden, located in Chemmancheri village under the Neelankarai SRO, is Rs 3,300 per sq.ft as per the 2024 revision effective from 1 July 2024. The land classification for this area is Residential Class I Type - II.

How the guideline value of Michael Garden has changed

The guideline value for Michael Garden has undergone several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 124%, raising the value to Rs 3,000 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 3,300 per sq.ft, marking a 10% rise from the previous year.

There are no registered figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 65%.

Guideline values in Chemmancheri

In Chemmancheri village, there are 195 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft, with a median value of Rs 1,700 per sq.ft. The guideline value of Michael Garden is above this median.

• M.G.R.Road: Rs 3,300 per sq.ft (2024)
• M.G.R.Nagar: Rs 3,300 per sq.ft (2024)
• Mohan Garden: Rs 1,000 per sq.ft (2024)
• Mejestic Recidency: Rs 3,900 per sq.ft (2024)
• M/S Santhiya Garden: Rs 3,300 per sq.ft (2024)
• M/S Suel India Marketing Co: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Michael Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. 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 Michael Garden?

The Sub Registrar Office that covers Michael Garden 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Chemmancheri. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair price.

During registration, buyers and sellers must consider the guideline value as it impacts the stamp duty and registration fees. The fees are calculated based on the guideline value or the sale price, whichever is higher, making it essential to be aware of the current rates.

Frequently asked questions

What is the current guideline value of Michael Garden?

The current guideline value of Michael Garden is Rs 3,300 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Michael Garden?

The land classification for Michael Garden is Residential Class I Type - II, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property in Michael Garden?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,97,000.

Which Sub Registrar Office covers Michael Garden?

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