Guideline Value for McNicholas road

McNicholas road guideline value

The current guideline value of McNicholas road is Rs 18,100 per sq.ft, effective from 1 July 2024. This street is located in Egmore village under the Periamet SRO, classified as Commercial Special Type - II.

How the guideline value of McNicholas road has changed

The guideline value of McNicholas road has experienced significant changes over the years. In the 2007 revision, the value was Rs 5,000 per sq.ft. This figure increased dramatically to Rs 16,500 per sq.ft in the 2012 revision, marking a 230% rise. However, in the 2017 revision, the value decreased to Rs 11,055 per sq.ft, reflecting a 33% drop. The value saw a substantial increase again, reaching Rs 16,500 per sq.ft in the 2023 revision, and then rose to Rs 18,100 per sq.ft in the 2024 revision, a 10% increase.

Overall, from 2007 to 2024, the guideline value has increased by 262%. The revisions for the years 2002 and 2003 do not have figures recorded for this street.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO, with guideline values ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 7,100 per sq.ft, placing McNicholas road's 2024 figure above that median.

• McNicholas road 1st lane: Rs 11,000 per sq.ft (2024)
• McNicholas road 2nd lane: Rs 11,000 per sq.ft (2024)
• McNicholas road 3rd lane: Rs 11,000 per sq.ft (2024)
• McNicholas road 4th lane: Rs 11,000 per sq.ft (2024)
• Mayor V.R.Ramanathan 2nd lane: Rs 11,000 per sq.ft (2024)
• Mayor V.R.Ramanathan 1st lane: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in McNicholas road

For a 1,000 sq.ft plot at the current guideline value of Rs 18,100 per sq.ft, the total guideline value amounts to Rs 1,81,00,000. The stamp duty, charged at 7%, would be Rs 12,67,000, while the registration fee at 2% would be Rs 3,62,000. Together, the total cost for stamp duty and registration fees would be Rs 16,29,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers McNicholas road?

The Sub Registrar Office that covers McNicholas road is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. For more information, you can find your SRO.

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

The guideline value plays a crucial role in property transactions in Egmore. It is used to determine the stamp duty and registration fees that buyers and sellers must pay when transferring property ownership. The guideline value is established by the Registration Department and reflects the minimum value at which properties can be registered.

When buying or selling property, it is essential to be aware of the guideline value, as it ensures that the transaction is conducted at a legally recognized value. This helps in maintaining transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of McNicholas road?

The current guideline value of McNicholas road is Rs 18,100 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 2007 to Rs 18,100 per sq.ft in 2024, reflecting an overall increase of 262% over the years.

What is the land classification of McNicholas road?

McNicholas road is classified as Commercial Special Type - II under the Periamet SRO.

What are the stamp duty and registration fees for properties in McNicholas road?

The stamp duty is charged at 7% of the guideline value, while the registration fee is charged at 2%. For a property valued at Rs 1,81,00,000, the total fees would be Rs 16,29,000.

Which office handles registrations for McNicholas road?

The Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003, handles registrations for McNicholas road.