Guideline Value for M K N Lane

M K N Lane guideline value

The current guideline value of M K N Lane in Adambakkam village is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Alandur SRO and is classified as Commercial Class I Type - I.

How the guideline value of M K N Lane has changed

The guideline value for M K N Lane has seen several revisions over the years. In 2002, the guideline value was Rs 516 per sq.ft, which increased to Rs 588 per sq.ft in 2003. Following this, the value rose significantly to Rs 900 per sq.ft in 2007, and then to Rs 5,000 per sq.ft in 2012. However, there was a decrease to Rs 3,350 per sq.ft in 2017. The value then increased to Rs 5,000 per sq.ft in 2023, and currently stands at Rs 5,500 per sq.ft as of the 2024 revision.

Examining the changes between the revisions, from 2017 to 2023, there was a significant increase of 49%. The 2012 to 2017 period saw a decrease of 33%. The increase from 2007 to 2012 was notable at 456%, while from 2003 to 2007, the increase was 53%. The value rose by 14% from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 966%. There are no figures for revisions in years not mentioned in the register.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, and M K N Lane's 2024 figure of Rs 5,500 per sq.ft is above this median.

• M K N Road: Rs 5,500 per sq.ft (2024)
• M K N Road 1st Lane: Rs 5,500 per sq.ft (2024)
• M K N Road 2nd Lane: Rs 5,500 per sq.ft (2024)
• Mount Pazhandiamman Koil Street (Pazhandiamman koil street): Rs 5,000 per sq.ft (2024)
• Mettukazhani Street 1st Lane: Rs 3,900 per sq.ft (2024)
• MettuKazhani Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in M K N Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, resulting in a total of Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M K N Lane?

The Sub Registrar Office that covers M K N Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Adambakkam. It is used to determine the stamp duty and registration fees that must be paid during the property transaction. Buyers should be aware that the guideline value is set by the government and reflects the minimum value for which properties can be registered.

When a property is sold, the guideline value serves as a benchmark for calculating the applicable taxes. If the sale price exceeds the guideline value, the stamp duty will be based on the sale price instead. Therefore, understanding the guideline value is essential for both buyers and sellers in the property market.

Frequently asked questions

What is the current guideline value of M K N Lane?

The current guideline value of M K N Lane is Rs 5,500 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 516 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for M K N Lane?

M K N Lane is classified as Commercial Class I Type - I under the current guidelines.

Where can I find the Alandur Sub Registrar Office?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in M K N Lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at a rate of 7%.