Guideline Value for M.K.R. Nagar

M.K.R. Nagar guideline value

The current guideline value of M.K.R. Nagar in Orathur village is Rs 500 per sq.ft, effective from 1 July 2024. This area falls under the Gooduvancheri SRO and is classified as Residential Special Type - II.

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

The guideline value for M.K.R. Nagar has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 200 per sq.ft, which increased significantly to Rs 500 per sq.ft in the 2012 revision. However, in the 2017 revision, it saw a decrease to Rs 335 per sq.ft, followed by a steady value of Rs 500 per sq.ft in both the 2023 and 2024 revisions. There are no figures available for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%, while the jump from 2007 to 2012 was a notable 150%. Overall, from 2007 to 2024, the guideline value has increased by 150%, reflecting the changes in the area over the years.

Guideline values in Orathur

In Orathur, there are 80 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 335 to Rs 1,700 per sq.ft, with the median value being Rs 500 per sq.ft. M.K.R. Nagar's current guideline value aligns exactly with this median.

• Meenakshi Amman Nagar: Rs 500 per sq.ft (2024)
• Muthu Nagar: Rs 400 per sq.ft (2024)
• Maniyammai Nagar Phase-III: Rs 500 per sq.ft (2024)
• Maniyammai Nagar: Rs 505 per sq.ft (2024)
• Omsakthi Nagar: Rs 650 per sq.ft (2024)
• Omshakthy Elite: Rs 650 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty charged at 7% would be Rs 35,000, while the registration fee at 2% would be Rs 10,000, totaling Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.K.R. Nagar?

The M.K.R. Nagar area falls under the jurisdiction of the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Orathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value, as it impacts the overall costs associated with the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal complications during registration.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value has seen various changes, from Rs 200 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then dropping to Rs 335 per sq.ft in 2017, and stabilizing at Rs 500 per sq.ft in both 2023 and 2024.

What is the land classification for M.K.R. Nagar?

M.K.R. Nagar is classified as Residential Special Type - II, which influences its guideline value and potential uses.

How is the stamp duty calculated for properties in M.K.R. Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 500 per sq.ft would incur a stamp duty of Rs 35,000.

Where is the Gooduvancheri Sub Registrar Office located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.