Guideline Value for M.K.Garden

M.K.Garden guideline value

The current guideline value of M.K.Garden, located in Paruthipattu village under the Avadi SRO, is Rs 950 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

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

The guideline value for M.K.Garden has experienced several revisions over the years. In 2012, the value was set at Rs 900 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a significant decrease to Rs 603 per sq.ft. However, from 2017 to the 2023 revision, the value increased substantially to Rs 900 per sq.ft, reflecting a 49% increase. The most recent revision in 2024 has further increased the guideline value to Rs 950 per sq.ft, marking a 6% rise from the previous year.

There are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has seen a slight increase of 6%.

Guideline values in Paruthipattu

In Paruthipattu, there are 486 streets under the Avadi SRO that carry a 2024 guideline value ranging from Rs 801 to Rs 4,730 per sq.ft, with a median value of Rs 1,625 per sq.ft. The guideline value for M.K.Garden is below this median.

• Mithila II: Rs 1,375 per sq.ft (2024)
• Mithila-I: Rs 1,375 per sq.ft (2024)
• M.G.R.Road: Rs 801 per sq.ft (2024)
• M.G.R.Nagar Koladi St: Rs 950 per sq.ft (2024)
• M.G.R.Nagar Kalathumedu: Rs 801 per sq.ft (2024)
• Mettu St Kannigapuram: Rs 950 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 950 per sq.ft, the total guideline value amounts to Rs 9,50,000. The stamp duty at 7% would be Rs 66,500, and the registration fee at 2% would be Rs 19,000, making the total cost for these fees Rs 85,500. 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.Garden?

The M.K.Garden area is covered by the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Paruthipattu. It helps determine the stamp duty and registration fees that a buyer or seller must pay when transferring property ownership.

When a property is sold, the guideline value is used to assess the minimum value for taxation purposes. This ensures that the government receives appropriate revenue based on the property’s assessed value, which is essential for maintaining public services and infrastructure.

Frequently asked questions

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

The current guideline value of M.K.Garden is Rs 950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 900 per sq.ft in 2012, dropping to Rs 603 per sq.ft in 2017, and then increasing to Rs 900 per sq.ft in 2023. The most recent revision in 2024 has raised it to Rs 950 per sq.ft.

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

M.K.Garden falls under the Residential Class II Type - I land classification, which indicates its suitability for residential development.

What are the stamp duty and registration fees for a property in M.K.Garden?

For a property valued at Rs 9,50,000, the stamp duty would be Rs 66,500 and the registration fee would be Rs 19,000, totaling Rs 85,500. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers M.K.Garden?

The Avadi Sub Registrar Office covers M.K.Garden, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.