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 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village under the Madhavaram SRO, and it falls under the Residential Class I Type - I land classification.

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

In the 2012 revision, the guideline value for M.R. Nagar 2nd Street was Rs 2,500 per sq.ft. This figure remained unchanged in the 2023 revision, which also recorded Rs 2,500 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 2,700 per sq.ft, marking an 8% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has risen by 8%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft, with a median value of Rs 2,700 per sq.ft. M.R. Nagar 2nd Street's 2024 guideline value aligns perfectly with this median.

• M.R. Nagar 2nd Main Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 3rd Cross Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 3rd Main Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 3rd Street: Rs 2,700 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 2,700 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 to Rs 2,43,000. It is important to note that the 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 Street?

The M.R. Nagar 2nd Street falls under the jurisdiction of the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is a critical factor in property transactions in Kodungaiyur, as it determines the minimum value at which a property can be registered. This value is used to calculate the applicable stamp duty and registration fees during the sale or purchase of a property.

When a property is bought or sold, the guideline value ensures that the transaction is recorded accurately, reflecting the property's worth as determined by the government. It serves as a benchmark for both buyers and sellers in the real estate market.

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 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen an increase from Rs 2,500 per sq.ft in 2012 to Rs 2,700 per sq.ft in 2024, marking an overall increase of 8% over this period.

What are the stamp duty and registration fees for properties in M.R. Nagar 2nd Street?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

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

The Madhavaram Sub Registrar Office covers 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 under Residential Class I Type - I land classification.