Guideline Value for M.R.NAGAR

M.R.Nagar guideline value

The current guideline value of M.R.Nagar, located in Nanmangalam village under the Pallavaram SRO, is Rs 2,750 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

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

The guideline value for M.R.Nagar has seen several revisions over the years. In 2007, the value was set at Rs 300 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, it then decreased to Rs 1,675 per sq.ft in 2017. The value rose again to Rs 2,500 per sq.ft in 2023, before reaching the current value of Rs 2,750 per sq.ft in 2024. The register has no figure for this street in 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2012 to 2017 saw a decrease of 33%. The most notable change was from 2007 to 2012, which experienced an increase of 733%. Overall, from 2007 to 2024, the guideline value has risen by 817%.

Guideline values in Nanmangalam

Nanmangalam village has a total of 139 streets under the Pallavaram SRO, with the 2024 guideline values ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, which is the same as the current guideline value for M.R.Nagar.

• M.G.R. Street: Rs 3,300 per sq.ft (2024)
• Muthiah Nagar: Rs 1,980 per sq.ft (2024)
• Nandagopal Nagar: Rs 2,750 per sq.ft (2024)
• Naprat Nagar: Rs 1,960 per sq.ft (2024)
• Medavakkam Main Road: Rs 3,850 per sq.ft (2024)
• Nehru Nagar: Rs 1,960 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, these fees amount to Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers M.R.Nagar?

M.R.Nagar is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Nanmangalam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing a property. This ensures that the fees are calculated based on a standardized value set by the government.

When selling a property, the guideline value can also influence the selling price. Sellers often consider the guideline value to ensure that they are pricing their property competitively within the market.

Frequently asked questions

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

The current guideline value of M.R.Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 300 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, showing an overall increase of 817% over the years.

What are the stamp duty and registration fees for property in M.R.Nagar?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers M.R.Nagar?

The Pallavaram Sub Registrar Office covers M.R.Nagar, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification for M.R.Nagar?

M.R.Nagar falls under the Residential Class I Type - I land classification as per the guideline value register.