Guideline Value for M.M.NAGAR

M.M.Nagar guideline value

The current guideline value of M.M.Nagar, located in Korattur village under the Villivakkam SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class IV Type - I.

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

The guideline value for M.M.Nagar has seen several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 300 per sq.ft. This increased significantly to Rs 1,200 per sq.ft in 2012, marking a substantial rise of 300%. The value remained unchanged at Rs 1,200 per sq.ft until the 2023 revision, which set it at Rs 1,200 per sq.ft again.

In 2024, the guideline value was revised to Rs 1,300 per sq.ft, reflecting an increase of 8% from the previous year. Overall, from 2007 to 2024, the guideline value has increased by 333%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value of M.M.Nagar is below this median.

• Mettu Street: Rs 2,500 per sq.ft (2024)
• Murugambedu Main Road: Rs 2,100 per sq.ft (2024)
• Menabedu Road (Kanchinakuppam): Rs 2,500 per sq.ft (2024)
• Muthamil Nagar 12th Cross Street: Rs 2,100 per sq.ft (2024)
• Meenakshi Nagar: Rs 1,600 per sq.ft (2024)
• Muthamil Nagar (All Streets): Rs 2,100 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, making the total charges Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers M.M.Nagar?

The Sub Registrar Office that covers M.M.Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process of property transactions in Korattur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transfer of property ownership.

When buying or selling property, the guideline value ensures that the government receives the appropriate taxes based on the property's value. Buyers should be aware of the guideline value to avoid any discrepancies during registration.

Frequently asked questions

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

The current guideline value of M.M.Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 300 per sq.ft to Rs 1,300 per sq.ft in 2024, marking a total increase of 333% over the years.

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

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

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

The Sub Registrar Office for M.M.Nagar is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near Nolambur Eb Office.

How are stamp duty and registration fees calculated in M.M.Nagar?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same value. For example, a 1,000 sq.ft plot at the current guideline value would incur total charges of Rs 1,17,000.