Guideline Value for M.R. Nagar 3rd Cross Street

M.R. Nagar 3rd Cross Street guideline value

The current guideline value of M.R. Nagar 3rd Cross Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of M.R. Nagar 3rd Cross Street has changed

Over the years, the guideline value for M.R. Nagar 3rd Cross 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 2017. However, the value significantly increased to Rs 2,300 per sq.ft in 2023, and the latest 2024 revision has raised it further to Rs 2,500 per sq.ft. The register has no figure for this street in 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 23%. However, from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 reflects a 25% increase in the guideline value.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO carrying 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, making M.R. Nagar 3rd Cross Street's 2024 figure equal to this median.

• M.R. Nagar 2nd Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 3rd Main Road: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 2nd Main Road: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 3rd Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 2nd Cross Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 4th Cross Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in M.R. Nagar 3rd Cross 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 and the sale price.

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

Which Sub Registrar Office covers M.R. Nagar 3rd Cross Street?

The M.R. Nagar 3rd 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 Erukancherry

The guideline value is an essential factor in property transactions in Erukancherry, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees payable during the transaction.

When buying or selling property, it is crucial to be aware of the guideline value to ensure compliance with local regulations and to avoid any potential issues during the registration process.

Frequently asked questions

What is the current guideline value of M.R. Nagar 3rd Cross Street?

The current guideline value of M.R. Nagar 3rd Cross 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 seen various changes, with the most recent increase from Rs 2,300 per sq.ft in 2023 to Rs 2,500 per sq.ft in 2024. Overall, from 2012 to 2024, the value has increased by 25%.

What is the land classification for M.R. Nagar 3rd Cross Street?

M.R. Nagar 3rd Cross Street is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

Where can I find the registration office for M.R. Nagar 3rd Cross Street?

The registration office for M.R. Nagar 3rd Cross Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in M.R. Nagar 3rd Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 25,00,000 would incur a stamp duty of Rs 1,75,000 at a rate of 7%.