Guideline Value for MKN Road

MKN Road guideline value

The current guideline value of MKN Road, located in Velachery village under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - III land classification.

How the guideline value of MKN Road has changed

The guideline value for MKN Road has seen significant changes over the years. In 2002, the guideline value was Rs 650 per sq.ft, which increased to Rs 761 per sq.ft in 2003, marking a rise of 17%. By 2007, the value surged to Rs 1,500 per sq.ft, representing a substantial increase of 97%. The next revision in 2012 set the guideline value at Rs 3,500 per sq.ft, a remarkable jump of 133% from the previous figure.

As of the latest revision in 2024, the guideline value stands at Rs 3,850 per sq.ft, reflecting a 10% increase from the 2012 value. Overall, from 2002 to 2024, the guideline value has increased by 492%. It is important to note that the register has no figures for the years 2017 and 2023 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing MKN Road's value below this median.

• MKN Road, Subba Reddy Lane: Rs 3,850 per sq.ft (2024)
• M.Lakshmi Hygrieva Nagar: Rs 3,850 per sq.ft (2024)
• M.G.R. Nagar Panchatcharam Nagar: Rs 3,850 per sq.ft (2024)
• Mohanapuri: Rs 4,400 per sq.ft (2024)
• Mohanapuri 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Mohanapuri 1st Main Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in MKN Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers MKN Road?

The Sub Registrar Office covering MKN Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is considered to ensure that the appropriate taxes are levied. This ensures transparency and compliance with local regulations, making it essential for both buyers and sellers to be aware of the current guideline value.

Frequently asked questions

What is the current guideline value of MKN Road?

The current guideline value of MKN Road is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 650 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, showing a total increase of 492% over this period.

What is the stamp duty rate for property on MKN Road?

The stamp duty rate for property transactions in MKN Road is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for MKN Road?

The Sub Registrar Office for MKN Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of MKN Road?

MKN Road is classified under Residential Class II Type - III, which is relevant for determining the guideline value and other regulatory aspects.