Guideline Value for Mercy Nagar

Mercy Nagar guideline value

The current guideline value of Mercy Nagar, located in Puzhal village under the Redhills SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Mercy Nagar has changed

The guideline value for Mercy Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 922 per sq.ft. This figure changed to Rs 94 per sq.ft in 2003, a decrease of 90%. Following this, the value increased significantly to Rs 300 per sq.ft in 2007, marking a rise of 219%. The next revision in 2012 set the value at Rs 800 per sq.ft, an increase of 167%. However, in 2017, the value decreased to Rs 536 per sq.ft, reflecting a drop of 33%. The 2023 revision brought the value up to Rs 1,000 per sq.ft, which was an increase of 87%. Finally, the current 2024 revision has set the guideline value at Rs 1,100 per sq.ft, a 10% increase from the previous year.

There are no figures available for the years between these revisions for Mercy Nagar.

Guideline values in Puzhal

In Puzhal village, there are 270 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 1,102 per sq.ft, placing Mercy Nagar's guideline value slightly below that median.

• Mettu 2nd Street: Rs 1,650 per sq.ft (2024)
• Meenakshi Nagar: Rs 1,100 per sq.ft (2024)
• Mettu Street: Rs 1,650 per sq.ft (2024)
• Mettu Street 2nd Lane: Rs 1,650 per sq.ft (2024)
• Mettu Street 2nd Street: Rs 1,650 per sq.ft (2024)
• Mettu Street First Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Mercy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total fees to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mercy Nagar?

The Sub Registrar Office that covers Mercy Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Puzhal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid to the government.

When a property transaction occurs, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mercy Nagar?

The current guideline value of Mercy Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen various changes, with the most recent increase being from Rs 1,000 per sq.ft in 2023 to Rs 1,100 per sq.ft in 2024.

What is the registration office for Mercy Nagar?

The Redhills Sub Registrar Office covers Mercy Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated in Mercy Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 77,000.

What is the land classification for Mercy Nagar?

The land classification for Mercy Nagar is Residential Class II Type - I, indicating its designated use for residential purposes.