Guideline Value for M.R. Nagar 6th Cross Street

M.R. Nagar 6th Cross Street guideline value

The current guideline value of M.R. Nagar 6th Cross Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village and falls under the Madhavaram SRO. The land classification is Residential Class III Type - I.

How the guideline value of M.R. Nagar 6th Cross Street has changed

The guideline value for M.R. Nagar 6th Cross Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,541 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,300 per sq.ft in 2023, and currently stands at Rs 2,500 per sq.ft as of the 2024 revision. The register has no figure for this street in 2002, 2003, and 2007.

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

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, which is equal to the current value of M.R. Nagar 6th Cross Street.

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

Stamp duty and registration fee for property in M.R. Nagar 6th 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 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 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.

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

Which Sub Registrar Office covers M.R. Nagar 6th Cross Street?

The M.R. Nagar 6th 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 details.

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

The guideline value is a crucial factor when registering property transactions in Erukancherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of M.R. Nagar 6th Cross Street?

The current guideline value of M.R. Nagar 6th 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 changed several times, 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 are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000, and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

Which office handles registrations for M.R. Nagar 6th Cross Street?

The Madhavaram Sub Registrar Office handles registrations for M.R. Nagar 6th Cross Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for M.R. Nagar 6th Cross Street?

The land classification for M.R. Nagar 6th Cross Street is Residential Class III Type - I, indicating its suitability for residential development.