Guideline Value for MRC NAGAR MAIN ROAD

Mrc Nagar Main Road guideline value

The current guideline value of Mrc Nagar Main Road is Rs 22,000 per sq.ft, effective from 1 July 2024. This road 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 Main Road has changed

The guideline value for Mrc Nagar Main Road has seen several revisions over the years. In 2007, the value was Rs 3,430 per sq.ft, which increased significantly to Rs 20,000 per sq.ft in 2012. However, it decreased to Rs 13,400 per sq.ft in 2017. The value then rose sharply to Rs 20,000 per sq.ft in 2023, and currently stands at Rs 22,000 per sq.ft from the 2024 revision. The changes between these revisions include a +483% increase from 2007 to 2012, a -33% decrease from 2012 to 2017, a +49% increase from 2017 to 2023, and a +10% increase from 2023 to 2024.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by +541%.

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. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Mrc Nagar Main Road's current value above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 22,000 per sq.ft, the total 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, bringing the total to Rs 19,80,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mrc Nagar Main Road?

The Mrc Nagar Main Road 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 crucial during the registration process of property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the higher amount between the guideline value and the sale price is used to calculate the applicable duties and fees. This ensures that the charges reflect the true value of the property being transacted.

Frequently asked questions

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

The current guideline value of Mrc Nagar Main 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 from Rs 3,430 per sq.ft in 2007 to Rs 22,000 per sq.ft in 2024, with various increases and decreases over the years.

What is the land classification for Mrc Nagar Main Road?

Mrc Nagar Main Road is classified as Residential Special Type - II according to the land classification guidelines.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is currently set at 7% of the guideline value or 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.