Guideline Value for Makka Nagar 1st street

Makka Nagar 1st street guideline value

The current guideline value of Makka Nagar 1st street is Rs 300 per sq.ft, effective from 1 July 2024. This street is located in Ikkadu village and falls under the Tiruvallur Joint 1 SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Makka Nagar 1st street has changed

The guideline value for Makka Nagar 1st street has undergone several revisions over the years. In 2007, the value was set at Rs 50 per sq.ft, which increased significantly to Rs 300 per sq.ft in 2012, marking a 500% rise. However, between 2012 and 2017, the value decreased by 33% to Rs 201 per sq.ft. The value then saw a substantial increase of 49% to Rs 300 per sq.ft in 2023, which has remained unchanged in the 2024 revision.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. The current guideline value of Rs 300 per sq.ft has been consistent since the 2023 revision, showing no change from the previous year.

Guideline values in Ikkadu

In Ikkadu village, there are 51 streets under the Tiruvallur Joint 1 SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 1,400 per sq.ft, with a median value of Rs 400 per sq.ft. The guideline value of Makka Nagar 1st street is below this median.

• Makka Nagar 2nd street: Rs 300 per sq.ft (2024)
• Makka Nagar 3rd street: Rs 300 per sq.ft (2024)
• Mandapam street: Rs 500 per sq.ft (2024)
• Mahalakshmi Nagar- Teachers Mahalakshmi Nagar: Rs 500 per sq.ft (2024)
• Laksmi Nagar: Rs 400 per sq.ft (2024)
• Lakshmi Nagar Annex: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Makka Nagar 1st street

For a 1,000 sq.ft plot at the current rate of Rs 300 per sq.ft, the guideline value amounts to Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, totaling Rs 27,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Makka Nagar 1st street?

The Sub Registrar Office that covers Makka Nagar 1st street is the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Ikkadu. It serves as a benchmark for determining the minimum value of a property for registration purposes. When buying or selling property, the guideline value is used to calculate applicable stamp duty and registration fees.

It is important for buyers and sellers to be aware of the guideline value as it directly impacts the costs involved in property transactions. Ensuring that the sale price is aligned with the guideline value can help avoid potential legal issues during the registration process.

Frequently asked questions

What is the current guideline value of Makka Nagar 1st street?

The current guideline value of Makka Nagar 1st street is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 300 per sq.ft in 2012, then decreased to Rs 201 per sq.ft in 2017, and returned to Rs 300 per sq.ft in 2023 and 2024.

What is the land classification for Makka Nagar 1st street?

The land classification for Makka Nagar 1st street is Residential Class II Type - III.

Which office handles registrations for Makka Nagar 1st street?

The Tiruvallur Joint 1 Sub Registrar Office handles registrations for Makka Nagar 1st street, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001.

How is stamp duty calculated for properties in Ikkadu?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 3,00,000 would incur a stamp duty of Rs 21,000 at the current rate of 7%.