Guideline Value for M.R. Nagar 3rd Main Road

M.R. Nagar 3rd Main Road guideline value

The current guideline value of M.R. Nagar 3rd Main Road 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 3rd Main Road has changed

The guideline value for M.R. Nagar 3rd Main Road has seen several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft, which decreased to Rs 1,541 per sq.ft in 2017. 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 brought the guideline value to Rs 2,500 per sq.ft, reflecting an increase of 9% from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. 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, with a median value of Rs 2,500 per sq.ft. The guideline value for M.R. Nagar 3rd Main Road aligns with this median.

• M.R. Nagar 3rd Cross Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 3rd Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 2nd Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 4th 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 5th Cross Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in M.R. Nagar 3rd Main Road

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. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers M.R. Nagar 3rd Main Road?

The Sub Registrar Office that covers M.R. Nagar 3rd Main Road is 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 plays a crucial role when buying or selling property in Erukancherry. It serves as a benchmark for determining the minimum value of a property, which is essential during the registration process. Buyers and sellers must be aware of this value to ensure compliance with local regulations and to avoid any legal issues.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of M.R. Nagar 3rd Main Road?

The current guideline value of M.R. Nagar 3rd Main Road 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 3rd Main Road?

M.R. Nagar 3rd Main Road is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for property in this area?

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For example, for a property valued at Rs 25,00,000, the total fees would be Rs 2,25,000.

Where is the Sub Registrar Office for M.R. Nagar 3rd Main Road located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.