Guideline Value for MRC NAGAR 2ND CROSS LANE

Mrc Nagar 2nd Cross Lane guideline value

The current guideline value of Mrc Nagar 2nd Cross Lane is Rs 22,000 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Special Type - II.

How the guideline value of Mrc Nagar 2nd Cross Lane has changed

The guideline value for Mrc Nagar 2nd Cross Lane has seen significant changes over the years. In 2002, the value was Rs 1,551 per sq.ft, which increased to Rs 3,321 per sq.ft in 2003, marking a rise of 114%. By 2007, the value further increased to Rs 3,430 per sq.ft, a change of 3%. The 2012 revision saw a substantial jump to Rs 20,000 per sq.ft, reflecting an increase of 483%. However, the value dropped to Rs 13,400 per sq.ft in 2017, a decrease of 33%. From 2017 to 2023, the value rose significantly to Rs 20,000 per sq.ft, a change of 49%, and the most recent revision in 2024 set the guideline value at Rs 22,000 per sq.ft, an increase of 10%.

There are no figures for the years not listed in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1318%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. Mrc Nagar 2nd Cross Lane's 2024 figure is above this median.

• Mrc Nagar 1st Cross Lane: Rs 22,000 per sq.ft (2024)
• Mrc Nagar Cross Lane: Rs 22,000 per sq.ft (2024)
• Mrc Nagar Cross Road: Rs 22,000 per sq.ft (2024)
• Mrc Nagar Extension: Rs 22,000 per sq.ft (2024)
• Mrc Nagar Main Road: Rs 22,000 per sq.ft (2024)
• Mrc Nagar South Beach Avenue (1st & 2nd Street): Rs 22,000 per sq.ft (2024)

Stamp duty and registration fee for property in Mrc Nagar 2nd Cross Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 22,000 per sq.ft, the total guideline value would be Rs 2,20,00,000. The stamp duty at 7% would amount to Rs 15,40,000, while the registration fee at 2% would be Rs 4,40,000. Together, the total cost for stamp duty and registration fees would be Rs 19,80,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mrc Nagar 2nd Cross Lane?

The Mrc Nagar 2nd Cross Lane is covered by the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Mylapore. It serves as a benchmark for calculating the stamp duty and registration fees, which are required to be paid at the time of registration.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. This process helps maintain transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of Mrc Nagar 2nd Cross Lane?

The current guideline value of Mrc Nagar 2nd Cross Lane is Rs 22,000 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly, from Rs 1,551 per sq.ft to Rs 22,000 per sq.ft in 2024, which is an overall increase of 1318%.

What is the classification of land in Mrc Nagar 2nd Cross Lane?

The land classification for Mrc Nagar 2nd Cross Lane is Residential Special Type - II.

Where can I find the Mylapore Sub Registrar Office?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is stamp duty calculated for properties in Mrc Nagar 2nd Cross Lane?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a property valued at Rs 2,20,00,000 would incur a stamp duty of Rs 15,40,000 at 7%.