Guideline Value for M.C.N.EXTENSION

M.C.N.Extension guideline value

The current guideline value for M.C.N.Extension, located in Okkiyamthuraipakkam village under the Neelankarai SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of M.C.N.Extension has changed

Over the years, the guideline value of M.C.N.Extension has seen several revisions. The 2012 revision set the value at Rs 3,500 per sq.ft. This figure remained until the 2017 revision, which decreased the value to Rs 2,345 per sq.ft. The 2023 revision then raised it to Rs 3,500 per sq.ft again, followed by the current 2024 revision that increased the value to Rs 3,900 per sq.ft.

In terms of percentage changes, the transition from 2017 to 2023 marked a significant increase of 49%. The 2023 to 2024 revision saw an increase of 11%. Overall, from the 2012 revision to the current 2024 revision, the guideline value has increased by 11%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO with a guideline value range for 2024 from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, making M.C.N.Extension's current guideline value of Rs 3,900 per sq.ft above the median.

• M.C.N.Nagar: Rs 3,900 per sq.ft (2024)
• M.C.N.NAGAR 1st CROSS STREET: Rs 3,300 per sq.ft (2024)
• M.C.N.NAGAR 2nd CROSS STREET: Rs 3,300 per sq.ft (2024)
• M.C.N.NAGAR 3rd CROSS STREET: Rs 3,300 per sq.ft (2024)
• M.C.N.NAGAR 4th CROSS STREET: Rs 3,300 per sq.ft (2024)
• M.C.N.NAGAR 5th CROSS STREET: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.C.N.Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000. Together, the total fees would be Rs 3,51,000. 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 M.C.N.Extension?

The Sub Registrar Office that covers M.C.N.Extension is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration process of any property transaction in Okkiyamthuraipakkam. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that all transactions are in compliance with the local regulations.

When buying or selling property, the guideline value helps determine the official value of the property for legal and taxation purposes. Buyers and sellers should be aware of the current guideline value to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of M.C.N.Extension?

The current guideline value of M.C.N.Extension is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,900 per sq.ft in 2024, marking an increase of 11%. The value also rose from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023, which is a 49% increase.

What is the land classification for M.C.N.Extension?

M.C.N.Extension is classified as Residential Class I Type - II. This classification is important for determining the permissible uses of the land.

What are the stamp duty and registration fees for properties in M.C.N.Extension?

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. This office handles the registration of properties in the area.