Guideline Value for M.N. NAGAR

M.N. Nagar guideline value

The current guideline value of M.N. Nagar, located in Athur B Block village under the Chengleput Joint II SRO, is Rs 500 per sq.ft. This value is effective from 1 July 2024 and is classified as Residential Special Type - II.

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

Over the years, the guideline value of M.N. Nagar has seen several revisions. The 2007 revision set the value at Rs 150 per sq.ft, which increased significantly to Rs 500 per sq.ft in the 2012 revision. However, the value then decreased to Rs 335 per sq.ft in the 2017 revision. The most recent revisions in 2023 and 2024 have maintained the guideline value at Rs 500 per sq.ft, showing no change between these two years. The register has no figure for this street for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2007 to 2012 was a notable increase of 233%. Overall, from 2007 to 2024, the guideline value has risen by 233%.

Guideline values in Athur B Block

Athur B Block has 79 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 268 to Rs 1,525 per sq.ft. The median guideline value in this area is Rs 700 per sq.ft, placing M.N. Nagar's 2024 figure below that median.

• Mountain View: Rs 500 per sq.ft (2024)
• Mullai Nagar: Rs 800 per sq.ft (2024)
• Nisha Nagar: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,100 per sq.ft (2024)
• Palar Nagar: Rs 800 per sq.ft (2024)
• Kuberan Nagar: Rs 500 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 500 per sq.ft, the guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, totaling Rs 45,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.N. Nagar?

The M.N. Nagar area is covered by the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Athur B Block

The guideline value plays a crucial role during property registration in Athur B Block. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers should be aware that the guideline value may differ from the actual sale price of the property.

When registering a property, the higher of the guideline value or the sale price is taken into account for calculating the applicable fees. This ensures that the government receives the appropriate revenue based on the value of the transaction.

Frequently asked questions

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

The current guideline value of M.N. 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 changed from Rs 150 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then decreased to Rs 335 per sq.ft in 2017, and has remained at Rs 500 per sq.ft in 2023 and 2024.

What is the median guideline value in Athur B Block?

The median guideline value in Athur B Block is Rs 700 per sq.ft, with M.N. Nagar's 2024 figure being below this median.

What are the stamp duty and registration fees for M.N. Nagar?

For a property valued at Rs 5,00,000, the total stamp duty and registration fees would be Rs 45,000, based on a 7% stamp duty and a 2% registration fee.

Which office handles registrations for M.N. Nagar?

The Chengleput Joint II Sub Registrar Office handles registrations for M.N. Nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.