Guideline Value for M.R. Nagar 3rd Street

M.R. Nagar 3rd Street guideline value

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

The guideline value for M.R. Nagar 3rd Street has undergone several revisions over the years. 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. However, the value saw a significant increase of 49% to Rs 2,300 per sq.ft in the 2023 revision, followed by a further increase of 9% to the current value of Rs 2,500 per sq.ft in the 2024 revision.

The register has no figures for the years 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, with guideline values ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median guideline value is Rs 2,500 per sq.ft, which is equal to the current value of M.R. Nagar 3rd Street.

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

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

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. Duty is charged on the higher of the guideline value and the sale price.

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

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

The M.R. Nagar 3rd Street is covered by 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 important factor in the registration of property transactions in Erukancherry. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

Frequently asked questions

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

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

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

Where can I find the Sub Registrar Office for M.R. Nagar 3rd Street?

The Sub Registrar Office covering M.R. Nagar 3rd 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 Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 1,75,000.