Guideline Value for Makka Nagar 3rd street

Makka Nagar 3rd street guideline value

The current guideline value of Makka Nagar 3rd 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 3rd street has changed

The guideline value for Makka Nagar 3rd street has seen several revisions over the years. The earliest recorded revision in 2007 set the value at Rs 50 per sq.ft. This increased significantly to Rs 300 per sq.ft in 2012, marking a 500% rise. However, from 2012 to 2017, the value dropped to Rs 201 per sq.ft, a decrease of 33%. The value then rose again to Rs 300 per sq.ft in 2023 and has remained the same in the latest revision in 2024, showing no change from the previous year.

There are no recorded figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 500%.

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. The median value for these streets is Rs 400 per sq.ft, meaning the 2024 figure for Makka Nagar 3rd street is below this median.

• Makka Nagar 2nd street: Rs 300 per sq.ft (2024)
• Makka Nagar 1st 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 3rd 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, while the registration fee at 2% would be Rs 6,000, bringing the total fees together to Rs 27,000. It is important to note that 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 Makka Nagar 3rd street?

The Sub Registrar Office that covers Makka Nagar 3rd 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 further assistance.

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

The guideline value serves as a benchmark for property transactions in Ikkadu. When buying or selling property, this value is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue based on the property's assessed value.

It is essential to be aware that the guideline value may differ from the actual sale price of the property. However, the stamp duty is charged on the higher of the two amounts, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Makka Nagar 3rd street?

The current guideline value of Makka Nagar 3rd 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 several times, starting from Rs 50 per sq.ft in 2007 to Rs 300 per sq.ft in 2012, then dropping to Rs 201 per sq.ft in 2017, and finally stabilizing at Rs 300 per sq.ft in 2023 and 2024.

What is the land classification for Makka Nagar 3rd street?

The land classification for Makka Nagar 3rd street is Residential Class II Type - III, indicating its designated use for residential purposes.

Where can I find the registration office for Makka Nagar 3rd street?

The registration office for Makka Nagar 3rd street is the Tiruvallur Joint 1 Sub Registrar Office, 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, for a property valued at Rs 3,00,000, the stamp duty would be calculated at 7% of that amount.