Guideline Value for MK Nagar & Extn.,

MK Nagar & Extn., guideline value

The current guideline value of MK Nagar & Extn., in Kilkattalai village is Rs 2,160 per sq.ft, effective from 1 July 2024. This area falls under the Pallavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of MK Nagar & Extn., has changed

The guideline value for MK Nagar & Extn., has seen several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012. However, it then decreased to Rs 1,340 per sq.ft in 2017, before rising to Rs 2,000 per sq.ft in 2023, and finally reaching Rs 2,160 per sq.ft in 2024. The register has no figures for the years 2002 and 2003.

Between the revisions, the changes in guideline values are notable. From 2007 to 2012, there was a remarkable increase of 567%. However, from 2012 to 2017, the value dropped by 33%. The subsequent rise from 2017 to 2023 was 49%, and the most recent increase from 2023 to 2024 is 8%. Overall, from 2007 to 2024, the guideline value has increased by 620%.

Guideline values in Kilkattalai

In Kilkattalai, there are 194 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,080 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,530 per sq.ft, placing MK Nagar & Extn., below this median.

• Medavakkam Main Road: Rs 5,500 per sq.ft (2024)
• Mariamman Koil Street: Rs 2,200 per sq.ft (2024)
• Marden Avenue, Sumuga Vinayagar Koil Street: Rs 1,980 per sq.ft (2024)
• Marden Avenue, Ganga Nagar Ext: Rs 1,980 per sq.ft (2024)
• Nandhi Nagar: Rs 1,980 per sq.ft (2024)
• Manoharan Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in MK Nagar & Extn.,

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total charges to Rs 1,94,400. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers MK Nagar & Extn.,?

The Sub Registrar Office that covers MK Nagar & Extn., 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 information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Kilkattalai. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties. This process helps maintain transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of MK Nagar & Extn.,?

The current guideline value of MK Nagar & Extn., is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 300 per sq.ft in 2007 to Rs 2,160 per sq.ft in 2024, with various revisions in between. The most notable increase was from 2012 to 2017, where it dropped by 33%, followed by a rise of 49% from 2017 to 2023.

What are the stamp duty and registration fees for MK Nagar & Extn.,?

For a property valued at Rs 21,60,000, the stamp duty would be Rs 1,51,200 and the registration fee would be Rs 43,200, totaling Rs 1,94,400. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for MK Nagar & Extn.,?

The Pallavaram Sub Registrar Office handles property registrations for MK Nagar & Extn., located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the significance of the guideline value in property transactions?

The guideline value is crucial as it determines the stamp duty and registration fees during property transactions. It ensures that the property is registered at a fair value, reflecting the official rates set by the government.