Guideline Value for Makka Nagar 2nd street

Makka Nagar 2nd street guideline value

The current guideline value of Makka Nagar 2nd street is Rs 300 per sq.ft, effective from 1 July 2024. This street is located in Ikkadu village under the Tiruvallur Joint 1 SRO, classified as Residential Class II Type - III.

How the guideline value of Makka Nagar 2nd street has changed

The guideline value for Makka Nagar 2nd street has seen several revisions over the years. In 2007, the value was Rs 50 per sq.ft, which increased to Rs 300 per sq.ft in 2012, marking a significant rise of 500%. However, this value dropped to Rs 201 per sq.ft in 2017, a decrease of 33%. The current value remains at Rs 300 per sq.ft as per the 2023 and 2024 revisions, indicating no change between these two years. The register has no figures for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%. The overall change from 2007 to 2024 is an increase of 500%, reflecting the fluctuations in the property's valuation over the years.

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. Makka Nagar 2nd street's 2024 guideline value is below this median.

• Makka Nagar 1st 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 2nd street

For a 1,000 sq.ft plot at the current guideline value of Rs 300 per sq.ft, the total guideline value would be Rs 3,00,000. The stamp duty at 7% would amount to Rs 21,000, and the registration fee at 2% would be Rs 6,000, totaling Rs 27,000. 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 2nd street?

Makka Nagar 2nd street is covered by 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 an essential factor during the registration of property transactions in Ikkadu. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Makka Nagar 2nd street?

The current guideline value of Makka Nagar 2nd 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 has remained at Rs 300 per sq.ft in 2023 and 2024.

What is the registration office for Makka Nagar 2nd street?

The registration office for Makka Nagar 2nd street is the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 3,00,000, the stamp duty would be Rs 21,000 and the registration fee would be Rs 6,000, totaling Rs 27,000.

How do I find the guideline values for other streets in Ikkadu?

You can find the guideline values for other streets in Ikkadu by visiting the respective links provided for each street, where their current rates are listed.