Guideline Value for MRC NAGAR CROSS LANE

Mrc Nagar Cross Lane guideline value

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

How the guideline value of Mrc Nagar Cross Lane has changed

The guideline value for Mrc Nagar Cross Lane has undergone several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 1,551 per sq.ft. This value increased to Rs 3,321 per sq.ft in 2003, marking a change of +114%. In 2007, the guideline value rose significantly to Rs 3,430 per sq.ft, reflecting a change of +3%. The value then saw a substantial increase to Rs 20,000 per sq.ft in 2012, which was a change of +483%. However, in 2017, the value decreased to Rs 13,400 per sq.ft, a change of -33%. The 2023 revision set the value at Rs 20,000 per sq.ft, which then increased to the current value of Rs 22,000 per sq.ft in 2024, representing a change of +10%.

Overall, from 2002 to 2024, the guideline value has increased by +1318%. The register has no figures for the years between the listed revisions.

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 Cross Lane's 2024 figure is above this median.

• Mrc Nagar 2nd Cross Lane: Rs 22,000 per sq.ft (2024)
• Mrc Nagar Cross Road: Rs 22,000 per sq.ft (2024)
• Mrc Nagar 1st Cross Lane: 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 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, and the registration fee at 2% would be Rs 4,40,000. Together, the total cost would be Rs 19,80,000. It is important to note that 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 further calculations.

Which Sub Registrar Office covers Mrc Nagar Cross Lane?

The Mrc Nagar 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 details.

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

The guideline value plays a crucial role in the registration of property transactions in Mylapore. It is used to determine the stamp duty and registration fees that need to be paid during the sale or purchase of a property. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When a property is sold, the buyer is required to pay stamp duty based on the higher of the guideline value or the actual sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

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

The current guideline value of Mrc Nagar Cross Lane is Rs 22,000 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 1,551 per sq.ft in 2002 to Rs 22,000 per sq.ft in 2024, reflecting an overall increase of +1318% over the years.

What is the stamp duty rate for properties in Mrc Nagar Cross Lane?

The stamp duty rate for properties in Mrc Nagar Cross Lane is 7% of the guideline value or the sale price, whichever is higher.

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 the guideline value determined for properties in Mylapore?

The guideline value for properties in Mylapore is determined by the Registration Department's guideline value register, which is revised periodically to reflect changes in the real estate market.