Guideline Value for M.K.NAGAR

M.K.Nagar guideline value

The current guideline value of M.K.Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Zaminpallavaram village under the Pallavaram Sub Registrar Office (SRO). The land classification for this street is Commercial Class I Type - III.

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

The guideline value for M.K.Nagar has seen several revisions over the years. The oldest recorded revision is from 2012, where the value was Rs 4,000 per sq.ft. This was followed by a decrease in 2017 to Rs 2,680 per sq.ft, marking a decline of 33%. However, in the 2024 revision, the guideline value increased significantly to Rs 4,400 per sq.ft, reflecting a rise of 64% from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that there are no figures available for the revisions in 2023, 2007, 2003, and 2002 for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing M.K.Nagar's 2024 figure above that median.

• Millath Nagar: Rs 2,100 per sq.ft (2024)
• M.M.R.D Road (200 Feet Road): Rs 4,400 per sq.ft (2024)
• M.G.R. Street: Rs 3,520 per sq.ft (2024)
• Mumurthi Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Mumurthi Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Mumurthi Nagar 3rd Street: Rs 3,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty, calculated at 7%, would be Rs 3,08,000, while the registration fee at 2% would amount to Rs 88,000. Therefore, the total cost for stamp duty and registration fees would be Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.K.Nagar?

The Sub Registrar Office that covers M.K.Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Zaminpallavaram, as it determines the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value influences the stamp duty and registration fees applicable during the transaction.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the registration reflects the true value of the property being transferred.

Frequently asked questions

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

The current guideline value of M.K.Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, and then increased to Rs 4,400 per sq.ft in 2024. There are no figures available for the revisions in 2023, 2007, 2003, and 2002.

What is the land classification of M.K.Nagar?

The land classification for M.K.Nagar is Commercial Class I Type - III.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office for M.K.Nagar located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.