Guideline Value for MRK Nagar

MRK Nagar guideline value

The current guideline value of MRK Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Perungalathur village and falls under the Padappai SRO. The land classification for this street is Residential Class IV Type - II.

How the guideline value of MRK Nagar has changed

The guideline value for MRK Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was later reduced to Rs 1,005 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023 and further to Rs 1,650 per sq.ft in 2024. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%, while from 2023 to 2024, it rose by 10%. Overall, comparing the figures from 2012 to 2024, there has been a 10% increase in the guideline value.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO, with guideline values ranging from Rs 1,320 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,310 per sq.ft, making the 2024 guideline value for MRK Nagar below the median.

• M.R.Rajamanikkam Street: Rs 1,650 per sq.ft (2024)
• Mothilal Street: Rs 2,640 per sq.ft (2024)
• Mudichur Road: Rs 3,960 per sq.ft (2024)
• Mooventhar Nagar: Rs 2,970 per sq.ft (2024)
• MOOVENDHAR NAGAR EXTN 9th and 11th Street: Rs 3,960 per sq.ft (2024)
• Moovendhar Nagar Extn: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in MRK Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for accurate calculations based on your property details.

Which Sub Registrar Office covers MRK Nagar?

The Sub Registrar Office that covers MRK Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Perungalathur. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction process.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of MRK Nagar?

The current guideline value of MRK Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for MRK Nagar?

MRK Nagar is classified as Residential Class IV Type - II, which indicates the type of development permitted in the area.

What is the stamp duty on property in MRK Nagar?

The stamp duty for property in MRK Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for MRK Nagar?

The Sub Registrar Office for MRK Nagar is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.