Guideline Value for M.K.N Road

M.K.N Road guideline value

The current guideline value of M.K.N Road, located in Parangimalai village, is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class I Type - I.

How the guideline value of M.K.N Road has changed

The guideline value for M.K.N Road has seen significant changes over the years. In 2002, the guideline value was Rs 547 per sq.ft, which increased to Rs 684 per sq.ft in 2003, marking a 25% rise. The value continued to rise, reaching Rs 1,800 per sq.ft in 2007, a substantial increase of 163%. By 2012, the value was Rs 5,000 per sq.ft, reflecting a 178% increase from the previous revision. However, in 2017, it dropped to Rs 3,350 per sq.ft, a decline of 33%. The value then increased to Rs 5,000 per sq.ft in 2023, before reaching the current rate of Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 905%. The register has no figures for the years between 2002 and 2003, and other years listed do not have figures for this street.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value is Rs 3,850 per sq.ft, and M.K.N Road's 2024 figure is above this median.

• M.K.N. Road 1st Street: Rs 5,500 per sq.ft (2024)
• M.K.N.Road 3nd Street: Rs 5,500 per sq.ft (2024)
• M.K.Road Ist Lane / Iind Lane: Rs 5,500 per sq.ft (2024)
• Military Dairyfarm Road 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Military Dairyfarm Road: Rs 3,850 per sq.ft (2024)
• Mokshin Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.K.N Road

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.K.N Road?

The M.K.N Road is covered by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value is assessed to calculate the applicable stamp duty and registration fees. Buyers should be aware that the duty is charged based on the higher value between the guideline value and the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of M.K.N Road?

The current guideline value of M.K.N Road is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly, from Rs 547 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 905%.

What is the land classification for M.K.N Road?

M.K.N Road is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for M.K.N Road?

The Sub Registrar Office covering M.K.N Road is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty at 7% would be Rs 3,85,000.