Guideline Value for M.R.V.Nagar

M.R.V.Nagar guideline value

The current guideline value of M.R.V.Nagar is Rs 830 per sq.ft, effective from 1 July 2024. This area is located in Padappai village, under the Padappai SRO, and is classified as Residential Class III Type - I.

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

The guideline value for M.R.V.Nagar has seen several revisions over the years. In 2003, the value was set at Rs 50 per sq.ft. It then increased significantly to Rs 750 per sq.ft in 2012, marking a 1400% rise. However, the value dropped to Rs 502 per sq.ft in 2017, a decrease of 33%. The next revision in 2023 set the value at Rs 750 per sq.ft, followed by the current figure of Rs 830 per sq.ft in 2024, which represents an 11% increase.

There are no figures available for the revisions in 2002 and 2007 for this street. Overall, from 2003 to 2024, the guideline value has increased by 1560%.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 4,000 per sq.ft. The median value is Rs 830 per sq.ft, which is the same as the guideline value for M.R.V.Nagar.

• M.P.R Nagar: Rs 990 per sq.ft (2024)
• Munusamy Nagar: Rs 830 per sq.ft (2024)
• Murugathamman Nagar: Rs 830 per sq.ft (2024)
• Murugathamman Nagar phase-II: Rs 830 per sq.ft (2024)
• Murugathamman Pettai: Rs 990 per sq.ft (2024)
• Muthu Nagar: Rs 1,320 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 830 per sq.ft, the total guideline value would be Rs 8,30,000. The stamp duty at 7% would amount to Rs 58,100, and the registration fee at 2% would be Rs 16,600. Together, the total cost for these fees would be Rs 74,700. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

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

The M.R.V.Nagar area is covered by 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 details.

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

The guideline value is an essential factor during property registration in Padappai. It serves as a benchmark for determining the minimum value of a property, ensuring that the transaction is recorded accurately and fairly.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both parties are aware of the financial obligations associated with the transaction.

Frequently asked questions

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

The current guideline value of M.R.V.Nagar is Rs 830 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 50 per sq.ft in 2003 to Rs 830 per sq.ft in 2024, reflecting an overall increase of 1560%.

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

For a property valued at Rs 8,30,000, the stamp duty would be Rs 58,100 and the registration fee would be Rs 16,600, totaling Rs 74,700.

Which Sub Registrar Office handles registrations for M.R.V.Nagar?

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

What is the land classification of M.R.V.Nagar?

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