Guideline Value for M.K. Nagar

M.K. Nagar guideline value

The current guideline value of M.K. Nagar, located in Acharapakkam village under the Acchirapakkam SRO, is Rs 400 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of M.K. Nagar has changed

The guideline value for M.K. Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 200 per sq.ft, which increased to Rs 300 per sq.ft in 2012. However, there was a decrease of 33% to Rs 201 per sq.ft in the 2017 revision. The value remained unchanged at Rs 400 per sq.ft through the 2023 revision and continues at the same rate in the 2024 revision.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 100%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Acharapakkam

Acharapakkam comprises 61 streets under the Acchirapakkam SRO, with the 2024 guideline values ranging from Rs 250 to Rs 600 per sq.ft. The median value is Rs 400 per sq.ft, which aligns with the guideline value of M.K. Nagar.

• M G R Nagar Ward 8: Rs 350 per sq.ft (2024)
• Nadu Street: Rs 350 per sq.ft (2024)
• Markazhi Nagar: Rs 268 per sq.ft (2024)
• National Highway Ward 7: Rs 400 per sq.ft (2024)
• National Highway Ward 9: Rs 400 per sq.ft (2024)
• Nehru Nagar: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in M.K. Nagar

For a 1,000 sq.ft plot at the current rate of Rs 400 per sq.ft, the guideline value amounts to Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, totaling Rs 36,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.K. Nagar?

The Sub Registrar Office that covers M.K. Nagar is the Acchirapakkam Sub Registrar Office, located at No.70, Bazzar Street, Acchirapakkam-603301, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Acharapakkam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value provides a standardized measure that helps both parties understand the value of the property in question. This is particularly important in legal and financial contexts, as it influences the overall cost involved in the transaction.

Frequently asked questions

What is the current guideline value of M.K. Nagar?

The current guideline value of M.K. Nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 400 per sq.ft in 2024, reflecting a 100% increase overall. The value remained unchanged from 2023 to 2024.

What is the land classification for M.K. Nagar?

The land classification for M.K. Nagar is Residential Special Type - I, indicating its intended use for residential purposes.

Where can I find the Acchirapakkam Sub Registrar Office?

The Acchirapakkam Sub Registrar Office is located at No.70, Bazzar Street, Acchirapakkam-603301, Chengalpattu registration zone.

How is stamp duty calculated for properties in M.K. Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 4,00,000, the stamp duty would be Rs 28,000 at 7%.