Guideline Value for M.R. Nagar 2nd Cross Street

M.R. Nagar 2nd Cross Street guideline value

The current guideline value of M.R. Nagar 2nd Cross Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of M.R. Nagar 2nd Cross Street has changed

In the 2012 revision, the guideline value was Rs 2,500 per sq.ft. This figure decreased to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to the 2024 revision, the value increased significantly to Rs 2,700 per sq.ft, which represents a rise of 61%. Overall, comparing the 2012 and 2024 revisions, there is a slight increase of 8%.

The register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a guideline value for 2024, ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, which is equal to the guideline value of M.R. Nagar 2nd Cross Street.

• M.R. Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 2nd Main Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 1st Main Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 1st Cross Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 3rd Cross Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in M.R. Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. Duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.R. Nagar 2nd Cross Street?

The M.R. Nagar 2nd Cross 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 Kodungaiyur

The guideline value is a crucial factor when registering property transactions in Kodungaiyur. 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 in assessing the fair value of the property and is used to calculate the applicable duties and fees. Buyers should be aware of the guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of M.R. Nagar 2nd Cross Street?

The current guideline value of M.R. Nagar 2nd Cross Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, and then increased to Rs 2,700 per sq.ft in 2024. This reflects a decline of 33% from 2012 to 2017, followed by a rise of 61% from 2017 to 2024.

What is the land classification for M.R. Nagar 2nd Cross Street?

M.R. Nagar 2nd Cross Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in M.R. Nagar 2nd Cross Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 1,89,000 at 7%.