Guideline Value for M.K.N. Road

M.K.N. Road guideline value

The current guideline value of M.K.N. Road in Madipakkam-1 village, under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

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

The guideline value for M.K.N. Road has seen several revisions over the years. As per the register, there are no figures available for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 2,000 per sq.ft, which was then increased to Rs 2,200 per sq.ft in the 2024 revision, marking a change of +10%.

From the 2023 to 2024 revision, the guideline value increased from Rs 2,000 to Rs 2,200 per sq.ft. This increase reflects the adjustments made in the register, which is updated periodically to reflect changes in land values.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1823 streets registered under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value across these streets is Rs 2,750 per sq.ft, placing M.K.N. Road's 2024 figure below this median.

• M.G.R. Street 2nd Street: Rs 1,650 per sq.ft (2024)
• M.G.R. Street 1st Street: Rs 1,650 per sq.ft (2024)
• M.G.R. Nagar South: Rs 1,650 per sq.ft (2024)
• M.G.R. Nagar 3rd Cross Street (MGR Nagar 2nd Street): Rs 2,200 per sq.ft (2024)
• M.G.R. nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 2nd Cross Street: Rs 2,200 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further assistance, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers M.K.N. Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical component in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property registration.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, reflecting the current market conditions as per the official register. This value is essential for both buyers and sellers to understand their financial obligations during the registration process.

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 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for M.K.N. Road has undergone several revisions, with the most recent being an increase from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024.

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

The land classification for M.K.N. Road is Residential Class II Type - I.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the same amount.

Which office handles registrations for M.K.N. Road?

The Velacheri Sub Registrar Office handles registrations for M.K.N. Road, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.