Guideline Value for M.R. Nagar 1st Street

M.R. Nagar 1st Street guideline value

The current guideline value of M.R. Nagar 1st Street in Erukancherry village, under the Madhavaram SRO, is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class III Type - I.

How the guideline value of M.R. Nagar 1st Street has changed

The guideline value for M.R. Nagar 1st Street has seen several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft, which then decreased to Rs 1,541 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,300 per sq.ft in 2023, and most recently, it has risen to Rs 2,500 per sq.ft in 2024. The register has no figure for this street in 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 23%, followed by a substantial increase of 49% from 2017 to 2023. The latest revision from 2023 to 2024 reflects a 9% increase. Overall, from 2012 to 2024, the guideline value has increased by 25%.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value is Rs 2,500 per sq.ft, which is the same as the current guideline value for M.R. Nagar 1st Street.

• M.R. Nagar 1st Main Road: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 2nd Cross Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 1st Cross Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 2nd Main Road: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 2nd Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 3rd Cross Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in M.R. Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total fees to Rs 2,25,000. Duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers M.R. Nagar 1st Street?

The M.R. Nagar 1st Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

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

When buying or selling property, the guideline value helps both parties understand the valuation of the property. It is crucial to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of M.R. Nagar 1st Street?

The current guideline value of M.R. Nagar 1st Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the land classification for M.R. Nagar 1st Street?

M.R. Nagar 1st Street is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for property in M.R. Nagar 1st Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would be Rs 2,25,000.

Where is the Sub Registrar Office for M.R. Nagar 1st Street located?

The M.R. Nagar 1st Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.