Guideline Value for Makkis Garden 1st Street

Makkis Garden 1st Street guideline value

The current guideline value of Makkis Garden 1st Street is Rs 9,900 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village, under the Chennai Central Joint II SRO, and is classified as Commercial Class I Type - II.

How the guideline value of Makkis Garden 1st Street has changed

Over the years, the guideline value of Makkis Garden 1st Street has seen significant changes. In the 2007 revision, the value was Rs 2,500 per sq.ft. It increased dramatically to Rs 9,000 per sq.ft in 2012, marking a rise of 260%. However, from 2012 to 2017, the value decreased to Rs 6,030 per sq.ft, a decline of 33%. The value then rose again to Rs 9,000 per sq.ft in the 2023 revision, reflecting a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 9,900 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 296%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Makkis Garden 1st Street's 2024 figure above that median.

• Makkis Garden 2nd Street: Rs 9,900 per sq.ft (2024)
• Makkis Garden Street: Rs 9,900 per sq.ft (2024)
• Mangadu Sami Street: Rs 8,800 per sq.ft (2024)
• Mahalingam Road 2nd Cross Street: Rs 8,800 per sq.ft (2024)
• Mahalingam Road 1st Cross St: Rs 8,800 per sq.ft (2024)
• Mahalingam Main Road (North Usman Road): Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in Makkis Garden 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value would be Rs 99,00,000. The stamp duty at 7% would be Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, making the total Rs 8,91,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Makkis Garden 1st Street?

The Sub Registrar Office that covers Makkis Garden 1st Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling a property, the guideline value helps both parties understand the official valuation of the property. It is essential that buyers and sellers are aware of the current guideline value to avoid any discrepancies during the transaction process.

Frequently asked questions

What is the current guideline value of Makkis Garden 1st Street?

The current guideline value of Makkis Garden 1st Street is Rs 9,900 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 2,500 per sq.ft to Rs 9,900 per sq.ft in 2024, marking a total increase of 296% over the years.

What is the land classification for Makkis Garden 1st Street?

Makkis Garden 1st Street is classified as Commercial Class I Type - II.

Where can I find the Sub Registrar Office for Makkis Garden 1st Street?

The Sub Registrar Office for Makkis Garden 1st Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is the guideline value used in property transactions?

The guideline value is used as a benchmark for registering property transactions, ensuring that the government receives the appropriate revenue through stamp duty and registration fees. It helps buyers and sellers understand the official valuation of the property during the transaction process.