Guideline Value for M.R. Nagar

M.R. Nagar guideline value

The current guideline value of M.R. Nagar, located in Korukanthangal village under the Gooduvancheri SRO, is Rs 500 per sq.ft. This value is effective from the 2024 revision, which will commence on 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of M.R. Nagar has changed

Over the years, the guideline value of M.R. Nagar has seen several revisions. The 2007 revision recorded a guideline value of Rs 222 per sq.ft, which increased significantly to Rs 500 per sq.ft in the 2012 revision. However, the value dropped to Rs 335 per sq.ft in the 2017 revision before stabilizing at Rs 500 per sq.ft in both the 2023 and 2024 revisions, indicating no change between these two years.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. The overall change from the 2007 revision to the 2024 revision reflects a substantial increase of 125%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

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 value of Rs 500 per sq.ft. M.R. Nagar's 2024 figure aligns with this median.

• M.R. Nagar Part-II: 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

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, bringing the total charges to Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers M.R. Nagar?

The Sub Registrar Office that covers M.R. Nagar is 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 is a crucial factor during the registration of property transactions in Korukanthangal. It serves as a benchmark for determining the stamp duty and registration fees applicable to a property sale or purchase.

When buying or selling property, the guideline value ensures that the transaction is registered at a value that reflects the official rates set by the government. This helps in maintaining transparency and accountability in property dealings.

Frequently asked questions

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

The current guideline value of M.R. Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 222 per sq.ft to Rs 500 per sq.ft in 2012, dropped to Rs 335 per sq.ft in 2017, and then stabilized at Rs 500 per sq.ft in both 2023 and 2024.

What are the other streets in Korukanthangal with the same guideline value?

Other streets in Korukanthangal also have a guideline value of Rs 500 per sq.ft for the year 2024, including M.R. Nagar Part-II, M.M. Nagar, Muthalamman Nagar, Maruthi Nagar, Mahalakshmi Nagar, and Mahalakshmi Avenue.

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

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

How is the stamp duty calculated for property in M.R. Nagar?

Stamp duty for property in M.R. Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total of Rs 45,000 in stamp duty and registration fees.