Guideline Value for MRC NAGAR CROSS ROAD

Mrc Nagar Cross Road guideline value

The current guideline value of Mrc Nagar Cross Road 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 Cross Road has changed

The guideline value for Mrc Nagar Cross Road has seen significant changes over the years. The earliest recorded figure is from 2002, where the value was Rs 1,551 per sq.ft. This increased to Rs 3,321 per sq.ft in 2003, marking a rise of 114%. The value then saw a modest increase to Rs 3,430 per sq.ft in 2007, which was a 3% increase. A substantial jump occurred in 2012, where it reached Rs 20,000 per sq.ft, reflecting an increase of 483%. However, this figure decreased to Rs 13,400 per sq.ft in 2017, a decline of 33%. The guideline value then rose to Rs 20,000 per sq.ft in 2023, followed by a further increase to Rs 22,000 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1318%. The revisions for the years 2012, 2017, and 2023 do not have figures for this street in the register.

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 Road's 2024 figure of Rs 22,000 per sq.ft is above this median.

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

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 be Rs 15,40,000, and the registration fee at 2% would amount to Rs 4,40,000, bringing the total to Rs 19,80,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mrc Nagar Cross Road?

The Mrc Nagar Cross Road 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 in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with the registration requirements.

When a property is sold, the guideline value is used to calculate the stamp duty, which is a mandatory charge for property transactions. This ensures that the government receives a fair share of revenue from property sales, based on the established guideline value.

Frequently asked questions

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

The current guideline value of Mrc Nagar Cross Road 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 this period.

What are the other streets with the same guideline value in Mylapore?

Other streets in Mylapore with the same guideline value of Rs 22,000 per sq.ft include Mrc Nagar Cross Lane, Mrc Nagar Extension, Mrc Nagar 2nd Cross Lane, Mrc Nagar Main Road, Mrc Nagar 1st Cross Lane, and Mrc Nagar South Beach Avenue (1st & 2nd Street).

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

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

Where is the Mylapore Sub Registrar Office located?

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