Guideline Value for MR Nagar

MR Nagar guideline value

The current guideline value of MR Nagar, located in Somangalam village under the Sriperumpudur SRO, is Rs 200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of MR Nagar has changed

Looking at the historical guideline values, the 2012 revision set the value at Rs 200 per sq.ft. In the 2017 revision, the value decreased to Rs 134 per sq.ft, marking a decline of 33%. However, from 2017 to the 2023 revision, the value increased significantly to Rs 200 per sq.ft, reflecting a rise of 49%. The 2024 revision maintains the value at Rs 200 per sq.ft, indicating no change from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for MR Nagar. Overall, comparing the 2012 and 2024 revisions, the guideline value has remained the same at Rs 200 per sq.ft.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft, with a median value of Rs 350 per sq.ft. The guideline value for MR Nagar is below this median.

• Mrp Green Homes: Rs 747 per sq.ft (2024)
• Mrp Green Homes Phase-II: Rs 700 per sq.ft (2024)
• Mrp Green Homes Phase-III: Rs 700 per sq.ft (2024)
• MRP Green Village: Rs 747 per sq.ft (2024)
• Manikandapuri: Rs 200 per sq.ft (2024)
• Kundrathur main road: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in MR Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the total guideline value would be Rs 2,00,000. The stamp duty at 7% would amount to Rs 14,000, and the registration fee at 2% would be Rs 4,000, making the total charges Rs 18,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers MR Nagar?

The Sub Registrar Office that covers MR Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Somangalam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is used to calculate the necessary fees, ensuring that both buyers and sellers are aware of the financial obligations involved in the transaction. Understanding the guideline value is essential for anyone looking to engage in real estate transactions in the area.

Frequently asked questions

What is the current guideline value of MR Nagar?

The current guideline value of MR Nagar is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, with the most recent revision in 2024 maintaining it at Rs 200 per sq.ft. The value decreased from Rs 200 in 2012 to Rs 134 in 2017, then increased back to Rs 200 by 2023.

What is the land classification for MR Nagar?

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

Where is the Sub Registrar Office for MR Nagar located?

The Sub Registrar Office covering MR Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is the stamp duty calculated for properties in MR Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the guideline value of Rs 200 per sq.ft would incur a total charge of Rs 18,000 for stamp duty and registration fees combined.