Guideline Value for M. R. NAGAR

M. R. Nagar guideline value

The current guideline value of M. R. Nagar, located in Koladi village under the Chennai South Joint II SRO, is Rs 880 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - II.

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

The guideline value for M. R. Nagar has undergone several revisions over the years. The earliest recorded value in 2007 was Rs 200 per sq.ft, which increased significantly to Rs 800 per sq.ft in 2012. However, this figure dropped to Rs 536 per sq.ft in 2017. The following revision in 2023 saw a notable increase to Rs 800 per sq.ft, and the most recent revision in 2024 raised it further to Rs 880 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has risen by 340%. The 2023 to 2024 revision shows an increase of 10%, while the jump from 2017 to 2023 was 49%. The 2012 to 2017 revision saw a decrease of 33%, and the increase from 2007 to 2012 was substantial at 300%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Koladi

In Koladi, there are 175 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 4,000 per sq.ft, with a median value of Rs 1,100 per sq.ft. The guideline value of M. R. Nagar is below this median.

• M.G.R.Nagar Mayana Road: Rs 880 per sq.ft (2024)
• M.G.R. Nagar Main Road: Rs 880 per sq.ft (2024)
• M.G.R.Nagar Anna Street: Rs 880 per sq.ft (2024)
• M.G.R.Nagar Anna Cross Street: Rs 880 per sq.ft (2024)
• M.G.R.Nagar Anna 1st And 2nd Cross Street: Rs 880 per sq.ft (2024)
• M.G.R. Nagar 3rd Street: Rs 880 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 880 per sq.ft, the total guideline value amounts to Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, totaling Rs 79,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M. R. Nagar?

The Sub Registrar Office that covers M. R. Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Koladi. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on a standardized value rather than the negotiated sale price.

Frequently asked questions

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

The current guideline value of M. R. Nagar is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 880 per sq.ft in 2024, reflecting a 340% increase over the years.

What is the land classification of M. R. Nagar?

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

Where can I find the Sub Registrar Office for M. R. Nagar?

The Sub Registrar Office for M. R. Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for property transactions in M. R. Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a plot valued at Rs 8,80,000, the stamp duty would be Rs 61,600 at 7%.