Guideline Value for M.R. Nagar Part-II

M.R. Nagar Part-II guideline value

The current guideline value for M.R. Nagar Part-II, located in Korukanthangal village, is Rs 500 per sq.ft, effective from 1 July 2024. This area falls under the Gooduvancheri SRO and is classified as Residential Special Type - I.

How the guideline value of M.R. Nagar Part-II has changed

Over the years, the guideline value for M.R. Nagar Part-II has seen several revisions. In 2007, the value was Rs 230 per sq.ft, which increased to Rs 500 per sq.ft in 2012. However, this figure remained unchanged until the 2017 revision, where it rose to Rs 335 per sq.ft, marking a 49% increase from the previous revision. The value then returned to Rs 500 per sq.ft in 2023, maintaining the same rate in 2024, resulting in no change between these two years.

Notably, the guideline value has fluctuated significantly over the years. From 2012 to 2017, there was a decrease of 33%, but from 2007 to 2012, it experienced a substantial increase of 117%. Overall, from 2007 to 2024, the guideline value has increased by 117%.

Guideline values in Korukanthangal

In Korukanthangal, there are 25 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 500 per sq.ft, with a median of Rs 500 per sq.ft. M.R. Nagar Part-II's 2024 figure aligns with this median.

• M.R. Nagar: Rs 500 per sq.ft (2024)
• M.M. Nagar: Rs 500 per sq.ft (2024)
• Muthalamman Nagar: Rs 500 per sq.ft (2024)
• Maruthi Nagar: Rs 500 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 500 per sq.ft (2024)
• Mahalakshmi Avenue: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in M.R. Nagar Part-II

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, totaling Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.R. Nagar Part-II?

The M.R. Nagar Part-II area is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Korukanthangal. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of this value to ensure compliance with legal requirements.

When a property is bought or sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of M.R. Nagar Part-II?

The current guideline value of M.R. Nagar Part-II is Rs 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, starting from Rs 230 per sq.ft in 2007 to Rs 500 per sq.ft in 2012. It remained at Rs 500 per sq.ft until 2017, when it dropped to Rs 335 per sq.ft, before returning to Rs 500 per sq.ft in 2023 and 2024.

What is the land classification for M.R. Nagar Part-II?

M.R. Nagar Part-II is classified as Residential Special Type - I, indicating its suitability for residential development.

Where can I find the registration office for M.R. Nagar Part-II?

The registration office for M.R. Nagar Part-II is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone.

How is stamp duty calculated for properties in M.R. Nagar Part-II?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 5,00,000, the stamp duty at 7% would be Rs 35,000, along with a registration fee at 2% amounting to Rs 10,000.