Guideline Value for M.R.T.Nagar

M.R.T.Nagar guideline value

The current guideline value of M.R.T.Nagar, located in Thundalkazhani village under the Padappai SRO, is Rs 660 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.T.Nagar has changed

The guideline value for M.R.T.Nagar has seen several revisions since 2012. In 2012, the value was Rs 600 per sq.ft, which then decreased to Rs 402 per sq.ft in 2017, marking a decline of 33%. Following this, the value increased significantly to Rs 600 per sq.ft in 2023, and then further rose by 10% to the current Rs 660 per sq.ft in 2024.

Between the 2017 and 2023 revisions, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Thundalkazhani

In Thundalkazhani village, there are 10 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 2,500 per sq.ft. The median value for these streets is Rs 770 per sq.ft, placing M.R.T.Nagar's 2024 figure below the median.

• Manimangalam Road: Rs 770 per sq.ft (2024)
• Maha Lakshmi Nagar: Rs 830 per sq.ft (2024)
• Kanniammal Koil Street: Rs 770 per sq.ft (2024)
• Ramaiah Nagar: Rs 550 per sq.ft (2024)
• Ramaiah Nagar Extension: Rs 2,500 per sq.ft (2024)
• Sri Moogambigai Nagar: Rs 440 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value amounts to Rs 6,60,000. The stamp duty at 7% would be Rs 46,200, and the registration fee at 2% would be Rs 13,200, resulting in a total of Rs 59,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

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

The M.R.T.Nagar area falls under the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Thundalkazhani. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is used to calculate the applicable duties, ensuring that both the buyer and seller are aware of the financial obligations involved in the transfer of ownership. This process helps maintain transparency and compliance with local regulations.

Frequently asked questions

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

The current guideline value of M.R.T.Nagar is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2012 to Rs 402 per sq.ft in 2017, then increased to Rs 600 per sq.ft in 2023, and finally to Rs 660 per sq.ft in 2024.

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

M.R.T.Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the registration office for M.R.T.Nagar?

The registration office for M.R.T.Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated for properties in M.R.T.Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total duty would include a stamp duty of 7% and a registration fee of 2%.