Guideline Value for M.K.N. NAGAR

M.K.N. Nagar guideline value

The current guideline value of M.K.N. Nagar in Naalur village, under the Ponneri SRO, is Rs 500 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

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

Over the years, the guideline value of M.K.N. Nagar has seen several revisions. The 2012 revision set the value at Rs 400 per sq.ft, which then decreased to Rs 335 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly by 49%, bringing it back to Rs 500 per sq.ft in the 2023 revision, which remains unchanged in the current 2024 revision.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 25%.

Guideline values in Naalur

In Naalur village, there are 23 streets under the Ponneri SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 600 per sq.ft. The median value for these streets is Rs 400 per sq.ft, placing M.K.N. Nagar's 2024 figure above that median.

• Minjur Modern City: Rs 400 per sq.ft (2024)
• M G M Anandha Nagar: Rs 400 per sq.ft (2024)
• Muthaiyah Garden: Rs 400 per sq.ft (2024)
• Om Sakthi Naagr: Rs 400 per sq.ft (2024)
• Padmavathi Nagar: Rs 600 per sq.ft (2024)
• Kesavapuram: Rs 400 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty is charged at 7%, which totals Rs 35,000, and the registration fee is 2%, amounting to Rs 10,000. Together, the total fees would be Rs 45,000. 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.N. Nagar?

The Sub Registrar Office covering M.K.N. Nagar is the Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Naalur. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value as per government standards.

When buying or selling property, the guideline value affects the calculation of stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, ensuring transparency in property transactions.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then increased to Rs 500 per sq.ft in 2023 and remains at that value in 2024.

What are the stamp duty and registration fees for property in M.K.N. Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 5,00,000, the total fees would amount to Rs 45,000.

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

The Ponneri Sub Registrar Office covers M.K.N. Nagar, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204.

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

M.K.N. Nagar is classified as Residential Class I Type - I, indicating its primary use for residential purposes.