Guideline Value for M.K. Nagar

M.K. Nagar guideline value

The current guideline value of M.K. Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024. This street is located in Gooduvancheri village, under the Gooduvancheri SRO, and is classified as 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 2017 revision set the value at Rs 1,005 per sq.ft. This remained unchanged until the 2023 revision, which also recorded the value at Rs 1,500 per sq.ft. The latest revision in 2024 confirmed the guideline value at Rs 1,500 per sq.ft, indicating no change from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2017 to 2024, there has been a consistent increase of 49% as well. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Gooduvancheri

In Gooduvancheri, there are 129 streets under the Gooduvancheri SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 3,500 per sq.ft. The median value is Rs 1,500 per sq.ft, which aligns with the guideline value of M.K. Nagar.

• Moganapriya Nagar: Rs 1,500 per sq.ft (2024)
• Mohanapriya Nagar Extn: Rs 1,500 per sq.ft (2024)
• Mosque Street: Rs 1,200 per sq.ft (2024)
• M.G.R. Nagar: Rs 1,200 per sq.ft (2024)
• Meenakshi Nagar (S.No. 174/1 -6): Rs 2,001 per sq.ft (2024)
• Meenakshi Nagar (Near G.S.T. Road): Rs 3,500 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 1,500 per sq.ft, the guideline value amounts to Rs 15,00,000. The stamp duty at 7% would be Rs 1,05,000, and the registration fee at 2% would be Rs 30,000, totaling Rs 1,35,000. 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. Nagar?

The Sub Registrar Office that covers M.K. Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri - 603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Gooduvancheri. It is used to determine the stamp duty and registration fees when buying or selling property. Buyers and sellers must refer to the latest guideline value to ensure compliance with legal requirements during registration.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that the government receives its due revenue from property transactions.

Frequently asked questions

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

The current guideline value of M.K. Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 1,500 per sq.ft since the 2023 revision. It increased from Rs 1,005 per sq.ft in 2017 to Rs 1,500 per sq.ft in 2023, marking a 49% increase over that period.

What is the classification of land in M.K. Nagar?

M.K. Nagar is classified as Residential Special Type - I, indicating its suitability for residential development.

Where can I find the Gooduvancheri Sub Registrar Office?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri - 603202, Chengalpattu registration zone.

How do I calculate stamp duty and registration fees?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 1,500 per sq.ft would incur a total of Rs 1,35,000 in fees.