Guideline Value for M.R. NAGAR

M.R. Nagar guideline value

The current guideline value of M.R. Nagar, located in Kerukampakkam village under the Oothukkottai SRO, is Rs 100 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

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

Looking at the revisions over the years, the guideline value for M.R. Nagar was Rs 60 per sq.ft in 2012. This increased to Rs 40 per sq.ft in 2017, reflecting a decrease of 33%. However, from 2017 to 2023, there was a significant increase of 150%, bringing the value back to Rs 100 per sq.ft. The 2024 revision has maintained this value at Rs 100 per sq.ft, showing no change from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 67%.

Guideline values in Kerukampakkam

In Kerukampakkam, eight streets under the Oothukkottai SRO have a 2024 guideline value ranging from Rs 100 to Rs 100 per sq.ft, with a median of Rs 100 per sq.ft. M.R. Nagar's 2024 figure aligns with this median.

• Pandurangan Nagar: Rs 100 per sq.ft (2024)
• Rojar Garden: Rs 100 per sq.ft (2024)
• Saraswathi Nagar: Rs 100 per sq.ft (2024)
• Golden Dass Nagar-Phase-2: Rs 100 per sq.ft (2024)
• Fruit Garden: Rs 100 per sq.ft (2024)
• S.V. Nagar: Rs 100 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 rate of Rs 100 per sq.ft, the guideline value amounts to Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, and the registration fee at 2% would be Rs 2,000, totaling Rs 9,000. It is important to note that 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 M.R. Nagar area is covered by the Oothukkottai Sub Registrar Office, located near the government hospital in Uthukottai, 602026, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Kerukampakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must ensure that the transaction is registered at the guideline value or the sale price, whichever is higher.

When purchasing property, it is essential to be aware of the current guideline value, as it directly affects the overall cost of the transaction. This ensures that all parties involved in the sale are compliant with local regulations and understand their financial obligations.

Frequently asked questions

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

The current guideline value of M.R. Nagar is Rs 100 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 60 per sq.ft in 2012 to Rs 40 per sq.ft in 2017, and then to Rs 100 per sq.ft in both 2023 and 2024.

What is the stamp duty rate for properties in M.R. Nagar?

The stamp duty rate for properties in M.R. Nagar is 7% of the guideline value or sale price, whichever is higher.

What are the registration fees for properties in M.R. Nagar?

The registration fee for properties in M.R. Nagar is 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for M.R. Nagar located?

The Oothukkottai Sub Registrar Office is located near the government hospital in Uthukottai, 602026, Chennai registration zone.