Guideline Value for M.R.K. Nagar

M.R.K. Nagar guideline value

The current guideline value for M.R.K. Nagar is Rs 880 per sq.ft, effective from 1 July 2024. This area is located in Manimangalam A village under the Padappai SRO, classified as Residential Class I Type - I.

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

The guideline value for M.R.K. Nagar has seen several revisions over the years. The earliest recorded revision is from 2017, where the guideline value was Rs 536 per sq.ft. This figure increased to Rs 800 per sq.ft in 2023, marking a 49% increase. The most recent revision in 2024 raised the value further to Rs 880 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Manimangalam A

In Manimangalam A, there are 112 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 2,500 per sq.ft. The median value is Rs 880 per sq.ft, which is equal to the guideline value of M.R.K. Nagar.

• MR Nagar: Rs 770 per sq.ft (2024)
• M.S. Subbulakshmi Nagar Annex: Rs 1,430 per sq.ft (2024)
• M.S.Subhulakshmi Nagar: Rs 1,430 per sq.ft (2024)
• Mudichur Manimangalam Road: Rs 880 per sq.ft (2024)
• MGR Street: Rs 880 per sq.ft (2024)
• Nadu Perumal Koil Street: Rs 880 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 880 per sq.ft, the guideline value amounts to Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, totaling Rs 79,200. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.R.K. Nagar?

The Sub Registrar Office covering M.R.K. Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Manimangalam A. It determines the minimum value at which a property can be registered, ensuring that the government collects the appropriate stamp duty and registration fees.

When buying or selling a property, the guideline value will be compared to the sale price. The higher of the two will be used to calculate the stamp duty and registration fees, ensuring that all transactions are recorded accurately and fairly.

Frequently asked questions

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

The current guideline value of M.R.K. Nagar is Rs 880 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

From 2023 to 2024, the guideline value increased by 10%, from Rs 800 per sq.ft to Rs 880 per sq.ft. Overall, from 2017 to 2024, the increase is 64%.

Which office handles registrations for M.R.K. Nagar?

The Padappai Sub Registrar Office handles registrations for M.R.K. Nagar. It is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What are the stamp duty rates for properties in M.R.K. Nagar?

The stamp duty rate for properties in M.R.K. Nagar is 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2%.

How many streets in Manimangalam A have a guideline value?

There are 112 streets in Manimangalam A under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 2,500 per sq.ft.