Guideline Value for M.R.K Nagar

M.R.K Nagar guideline value

The current guideline value of M.R.K Nagar, located in Kolapakkam village, under the Pammal SRO, is Rs 2,200 per sq.ft as per the 2024 revision effective from 1 July 2024. This area is classified as Residential Class II Type - I.

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

Over the years, the guideline value for M.R.K Nagar has seen significant changes. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% increase. The latest revision in 2024 raised the guideline value further to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

When looking at the overall change from 2017 to 2024, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Kolapakkam

In Kolapakkam, there are 111 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 6,850 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of M.R.K Nagar.

• M.G.R Nagar (ward 3): Rs 1,650 per sq.ft (2024)
• M.G.R Nagar (ward 1): Rs 1,650 per sq.ft (2024)
• Namadhu Nagar: Rs 2,200 per sq.ft (2024)
• Mayor Radha Krishnan Nagar: Rs 2,750 per sq.ft (2024)
• Max Worth Nagar (ward 9): Rs 3,290 per sq.ft (2024)
• Maxworth Nagar Phase III: Rs 3,290 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

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

The M.R.K Nagar area falls under the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Kolapakkam, as it determines the minimum value at which a property can be registered. This value is essential for calculating stamp duty and registration fees, which are mandatory during property transactions.

When a property is sold, the guideline value serves as a benchmark for the transaction price, ensuring that both the buyer and seller are aware of the official value set by the government. This helps in maintaining transparency and accountability in real estate transactions.

Frequently asked questions

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

The current guideline value of M.R.K Nagar is Rs 2,200 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 64% over this period.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for M.R.K Nagar?

The Pammal Sub Registrar Office handles registrations for M.R.K Nagar, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

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

M.R.K Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.