Guideline Value for M.R. Nagar 2nd Street

M.R. Nagar 2nd Street guideline value

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

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

Over the years, the guideline value of M.R. Nagar 2nd Street has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which decreased to Rs 1,541 per sq.ft in the 2017 revision. This was a decline of 23%. However, from 2017 to 2023, the value increased significantly to Rs 2,300 per sq.ft, marking a rise of 49%. The most recent revision in 2024 has further increased the value to Rs 2,500 per sq.ft, reflecting a growth of 9% from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 25%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry village, 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 2nd Street.

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

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, totaling Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

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

The M.R. Nagar 2nd Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Erukancherry. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the current guideline value, as it affects the overall cost of the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal complications during registration.

Frequently asked questions

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

The current guideline value of M.R. Nagar 2nd 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 in 2012 to Rs 1,541 in 2017, then increased to Rs 2,300 in 2023, and finally to Rs 2,500 in 2024.

What is the stamp duty for property in M.R. Nagar 2nd Street?

The stamp duty for property in M.R. Nagar 2nd Street is 7% of the guideline value or sale price, whichever is higher. For a plot valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000.

Which office handles the registration for M.R. Nagar 2nd Street?

The Madhavaram Sub Registrar Office handles the registration for M.R. Nagar 2nd Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

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

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