Guideline Value for M.C.N.NAGAR

M.C.N.Nagar guideline value

The current guideline value for M.C.N.Nagar, 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.Nagar has changed

The guideline value for M.C.N.Nagar has seen several revisions over the years. In 2003, the value was Rs 188 per sq.ft, which increased significantly to Rs 1,570 per sq.ft in 2007. The value then rose to Rs 3,500 per sq.ft in 2012, before dropping to Rs 2,345 per sq.ft in 2017. The next revision in 2023 brought the value up to Rs 3,500 per sq.ft, and the most recent revision in 2024 set it at Rs 3,900 per sq.ft.

Notable changes between these revisions include a staggering increase of 735% from 2003 to 2007, followed by a decrease of 33% from 2012 to 2017. The value increased by 49% from 2017 to 2023 and by 11% from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 1974%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging 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.Nagar's current guideline value of Rs 3,900 per sq.ft above this median.

• 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.Extension: Rs 3,900 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.Nagar

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, bringing the total fees to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more detailed calculations, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.C.N.Nagar?

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

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

The guideline value is a crucial factor in the registration process when buying or selling property in Okkiyamthuraipakkam. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded at a fair value.

When a property is sold, the guideline value helps to establish a baseline for the sale price. Buyers and sellers must consider this value to comply with legal requirements and ensure proper documentation during the registration process.

Frequently asked questions

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

The current guideline value of M.C.N.Nagar 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 increased from Rs 188 per sq.ft in 2003 to Rs 3,900 per sq.ft in 2024, showing a significant overall increase of 1974% over this period.

What are the stamp duty rates for properties in M.C.N.Nagar?

The stamp duty for properties in M.C.N.Nagar is charged at 7% of the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers M.C.N.Nagar?

The Neelankarai Sub Registrar Office covers M.C.N.Nagar, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the median guideline value in Okkiyamthuraipakkam?

The median guideline value for streets in Okkiyamthuraipakkam is Rs 3,300 per sq.ft, with M.C.N.Nagar's value above this median at Rs 3,900 per sq.ft.