Guideline Value for MRC NAGAR EXTENSION

Mrc Nagar Extension guideline value

The current guideline value of Mrc Nagar Extension is Rs 22,000 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village and falls under the Mylapore SRO. The land classification for this street is Residential Special Type - II.

How the guideline value of Mrc Nagar Extension has changed

The guideline value for Mrc Nagar Extension has seen several revisions over the years. The 2012 revision set the value at Rs 20,000 per sq.ft, which then decreased to Rs 13,400 per sq.ft in the 2017 revision. Following that, the 2023 revision increased the value to Rs 20,000 per sq.ft, and the most recent 2024 revision has raised it to Rs 22,000 per sq.ft. There are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased significantly by 49%. The overall change from 2012 to 2024 shows a modest increase of 10%.

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 Extension's 2024 guideline value is above this median.

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

Stamp duty and registration fee for property in Mrc Nagar Extension

For a 1,000 sq.ft plot at the current rate of Rs 22,000 per sq.ft, the guideline value amounts to Rs 2,20,00,000. The stamp duty at 7% would be Rs 15,40,000, and the registration fee at 2% would be Rs 4,40,000, totaling Rs 19,80,000. 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 Extension?

The Mrc Nagar Extension falls under 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 property registration in Mylapore. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately for taxation purposes.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This value is essential for both buyers and sellers to understand their financial obligations during the transaction process.

Frequently asked questions

What is the current guideline value of Mrc Nagar Extension?

The current guideline value of Mrc Nagar Extension 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 from Rs 20,000 per sq.ft in 2012 to Rs 13,400 per sq.ft in 2017, then to Rs 20,000 per sq.ft in 2023, and finally to Rs 22,000 per sq.ft in 2024.

What is the land classification for Mrc Nagar Extension?

The land classification for Mrc Nagar Extension is Residential Special Type - II.

What are the stamp duty and registration fees for property in Mrc Nagar Extension?

For a 1,000 sq.ft plot, the stamp duty would be Rs 15,40,000, and the registration fee would be Rs 4,40,000, totaling Rs 19,80,000.

Which Sub Registrar Office covers Mrc Nagar Extension?

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