Guideline Value for M.K.N.Road 3nd Street

M.K.N.Road 3nd Street guideline value

The current guideline value of M.K.N.Road 3nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village, 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 3nd Street has changed

The guideline value for M.K.N.Road 3nd Street has seen several revisions over the years. In 2007, the value was Rs 1,800 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012. However, between 2012 and 2017, the value decreased to Rs 3,350 per sq.ft, marking a decline of 33%. From 2017 to 2023, the value rose sharply by 49% to reach Rs 5,000 per sq.ft, and the most recent revision in 2024 set the guideline value at Rs 5,500 per sq.ft, an increase of 10% from the previous year.

The register does not have figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 206%.

Guideline values in Parangimalai

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

• M.K.N. Road 1st Street: Rs 5,500 per sq.ft (2024)
• M.K.N Road: 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 3nd Street

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 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.N.Road 3nd Street?

The Sub Registrar Office that covers M.K.N.Road 3nd Street is 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 is a crucial factor in the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay these fees based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of M.K.N.Road 3nd Street?

The current guideline value of M.K.N.Road 3nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking a total increase of 206% over the years.

What is the stamp duty rate for properties in M.K.N.Road 3nd Street?

The stamp duty rate for properties in M.K.N.Road 3nd Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for M.K.N.Road 3nd Street located?

The Sub Registrar Office for M.K.N.Road 3nd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the median guideline value in Parangimalai?

The median guideline value for streets in Parangimalai is Rs 3,850 per sq.ft, with M.K.N.Road 3nd Street's value being above this median.