Guideline Value for MCK Nagar

MCK Nagar guideline value

The current guideline value for MCK Nagar in Adayalampattu village is Rs 2,420 per sq.ft, effective from 1 July 2024. This property falls under the Chennai South Joint II SRO and is classified as Residential Class I Type - II.

How the guideline value of MCK Nagar has changed

The guideline value for MCK Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 2,200 per sq.ft, which was then reduced to Rs 1,474 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,200 per sq.ft, and the most recent 2024 revision has raised it to Rs 2,420 per sq.ft.

Between the revisions, there have been notable changes. The increase from Rs 1,474 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2023 represents a significant rise of 49%. The jump from Rs 2,200 per sq.ft in 2023 to Rs 2,420 per sq.ft in 2024 reflects a 10% increase. Overall, from the 2012 figure of Rs 2,200 per sq.ft to the 2024 figure, there has been a total increase of 10%.

Guideline values in Adayalampattu

Adayalampattu village features 19 streets under the Chennai South Joint II SRO, with guideline values ranging from Rs 1,650 to Rs 3,850 per sq.ft. The guideline value for MCK Nagar is equal to the median of Rs 2,420 per sq.ft for this area.

• Metro Royal City: Rs 3,300 per sq.ft (2024)
• Millinium Town Road: Rs 3,300 per sq.ft (2024)
• Kulakkarai Street: Rs 2,420 per sq.ft (2024)
• Kings Avenue: Rs 2,420 per sq.ft (2024)
• Padasalai Street (1-5 st): Rs 2,200 per sq.ft (2024)
• Panajsalai Street: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in MCK Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,420 per sq.ft, the total guideline value would be Rs 24,20,000. The stamp duty at 7% would be Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, bringing the total cost for these fees to Rs 2,17,800. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for accurate calculations based on your property details.

Which Sub Registrar Office covers MCK Nagar?

The MCK Nagar area falls under 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. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Adayalampattu. It serves as a reference point for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of MCK Nagar?

The current guideline value of MCK Nagar is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent increase from Rs 2,200 per sq.ft in 2023 to Rs 2,420 per sq.ft in 2024, a 10% rise.

What is the classification of land in MCK Nagar?

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

Where can I find the Sub Registrar Office for MCK Nagar?

The Sub Registrar Office covering MCK Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 24,20,000 would incur a stamp duty of Rs 1,69,400 at 7%.