Guideline Value for MR Nagar

MR Nagar guideline value

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

How the guideline value of MR Nagar has changed

The guideline value for MR Nagar has seen several revisions over the years. The earliest recorded figure is from the 2017 revision, which was Rs 134 per sq.ft. This figure increased to Rs 200 per sq.ft in both the 2023 and 2024 revisions, marking a 49% increase from 2017 to 2023 and an overall increase of 49% from 2017 to 2024. Notably, there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

From the 2023 revision to the 2024 revision, there was no change, with the guideline value remaining at Rs 200 per sq.ft.

Guideline values in Somangalam_B

In Somangalam_B, there are 79 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 2,500 per sq.ft. The median guideline value for these streets is Rs 250 per sq.ft, placing MR Nagar's 2024 figure below this median.

• Mrp Green Homes: Rs 747 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)
• Kulakkarai street: Rs 400 per sq.ft (2024)
• KR Garden Phase-II: Rs 400 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 amounts to Rs 2,00,000. The stamp duty at 7% would be Rs 14,000, and the registration fee at 2% would be Rs 4,000, bringing the total to Rs 18,000. It is important to note that 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 covering 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_B

The guideline value plays a crucial role during the registration of property transactions in Somangalam_B. It is used to determine the stamp duty and registration fees that must be paid at the time of registration, ensuring that all transactions are conducted in accordance with the regulations set by the Registration Department.

When buying or selling property, the guideline value is assessed to ensure that the transaction is recorded accurately. This value helps in maintaining transparency and standardization in property dealings, providing a reference point for both buyers and sellers.

Frequently asked questions

What is the current guideline value for MR Nagar?

The current guideline value for 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 for MR Nagar has increased from Rs 134 per sq.ft in 2017 to Rs 200 per sq.ft in both 2023 and 2024, marking a 49% increase overall from 2017 to 2024.

What is the land classification of MR Nagar?

MR Nagar falls under the Residential Class III Type - I land classification.

Where can I find the Sub Registrar Office for MR Nagar?

The Sub Registrar Office for 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 at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft results in a total guideline value of Rs 2,00,000, leading to a stamp duty of Rs 14,000.