Guideline Value for M.C.R.Nagar ( Ward No.10 )

M.C.R.Nagar ( Ward No.10 ) guideline value

The current guideline value for M.C.R.Nagar ( Ward No.10 ) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of M.C.R.Nagar ( Ward No.10 ) has changed

In the 2012 revision, the guideline value was Rs 1,500 per sq.ft. This figure decreased to Rs 1,005 per sq.ft in the 2017 revision, marking a decline of 33%. However, the latest revision in 2024 saw a significant increase to Rs 1,600 per sq.ft, reflecting a 59% rise from the 2017 figure.

Overall, comparing the 2012 and 2024 revisions, there has been a slight increase of 7%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, which aligns with the current guideline value for M.C.R.Nagar ( Ward No.10 ).

• M.C.R. Street (Ward-10): Rs 1,600 per sq.ft (2024)
• M.C. Sundharavarathan Nagar: Rs 1,600 per sq.ft (2024)
• M.D.Swamy Nagar Rd ( Ward No.3 ): Rs 1,300 per sq.ft (2024)
• M.D. Swamy Nagar (Ward-03): Rs 1,300 per sq.ft (2024)
• M.D. Veera Swamy Nagar (Ward-03): Rs 1,300 per sq.ft (2024)
• Medimix Road ( Ward No.18 ): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.C.R.Nagar ( Ward No.10 )

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers M.C.R.Nagar ( Ward No.10 )?

The Sub Registrar Office that covers M.C.R.Nagar ( Ward No.10 ) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is an essential figure used during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the legal and financial implications of the transaction. It is crucial for buyers to be aware of the guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of M.C.R.Nagar ( Ward No.10 )?

The current guideline value of M.C.R.Nagar ( Ward No.10 ) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, and then increased to Rs 1,600 per sq.ft in 2024. This represents a 59% increase from 2017 to 2024.

What is the land classification of M.C.R.Nagar ( Ward No.10 )?

M.C.R.Nagar ( Ward No.10 ) is classified as Residential Class II Type - I under the Madhavaram SRO.

Where can I find the Sub Registrar Office for M.C.R.Nagar ( Ward No.10 )?

The Sub Registrar Office for M.C.R.Nagar ( Ward No.10 ) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in M.C.R.Nagar ( Ward No.10 )?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total of Rs 1,44,000 in stamp duty and registration fees.