Guideline Value for M.R. Nagar & Extension

M.R. Nagar & Extension guideline value

The current guideline value of M.R. Nagar & Extension is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Sundaracholavaram village under the Kunrathur SRO, classified as Residential Class II Type - I.

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

The guideline value for M.R. Nagar & Extension has seen several revisions over the years. The 2007 revision set the value at Rs 175 per sq.ft, which increased significantly to Rs 500 per sq.ft in 2012, reflecting a rise of 186%. However, from 2012 to 2017, the value decreased to Rs 335 per sq.ft, a decline of 33%. The 2017 revision then saw a substantial increase to Rs 500 per sq.ft in 2023, marking a 49% rise, followed by the latest revision in 2024, which set the value at Rs 550 per sq.ft, a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 214%.

Guideline values in Sundaracholavaram

In Sundaracholavaram, there are 57 streets under the Kunrathur SRO with a 2024 guideline value ranging from Rs 550 to Rs 4,600 per sq.ft. The median value for these streets is Rs 660 per sq.ft, placing M.R. Nagar & Extension's 2024 figure below that median.

• Murudev Nagar: Rs 660 per sq.ft (2024)
• Mariyamman Koil Street: Rs 660 per sq.ft (2024)
• Ondi Kudisai Street: Rs 660 per sq.ft (2024)
• kiramani Main&cross Street: Rs 660 per sq.ft (2024)
• Kasthuri Bai Nagar - II: Rs 880 per sq.ft (2024)
• Kasthuri Bai Nagar - I: Rs 880 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total fees to Rs 49,500. It is essential to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.R. Nagar & Extension?

The Sub Registrar Office that covers M.R. Nagar & Extension is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Sundaracholavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware that the guideline value is used to calculate these fees, ensuring compliance with local regulations.

When a property is registered, the guideline value is assessed against the sale price. The higher of the two values is used to determine the applicable stamp duty, thereby impacting the overall cost of the transaction. Understanding the guideline value is essential for both parties to ensure a smooth registration process.

Frequently asked questions

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

The current guideline value of M.R. Nagar & Extension is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 175 per sq.ft in 2007 to Rs 550 per sq.ft in 2024. Notable changes include a rise to Rs 500 per sq.ft in 2012 and a further increase to Rs 500 per sq.ft in 2023.

What are the stamp duty and registration fees for property in M.R. Nagar & Extension?

For a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500, and the registration fee would be Rs 11,000, totaling Rs 49,500. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers M.R. Nagar & Extension?

The Kunrathur Sub Registrar Office covers M.R. Nagar & Extension, located at No.59, Road Street, Kundrathur, Chennai -600 069.

What is the classification of land in M.R. Nagar & Extension?

The land classification for M.R. Nagar & Extension is Residential Class II Type - I, which indicates its designated use for residential purposes.