Guideline Value for Makkis Garden 2nd Street

Makkis Garden 2nd Street guideline value

The current guideline value of Makkis Garden 2nd Street is Rs 9,900 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Makkis Garden 2nd Street has changed

Over the years, the guideline value of Makkis Garden 2nd Street has seen significant changes. The 2007 revision recorded a guideline value of Rs 2,500 per sq.ft, which increased to Rs 9,000 per sq.ft in 2012. However, it then decreased to Rs 6,030 per sq.ft in 2017. Following this, the value rose to Rs 9,000 per sq.ft in 2023, and currently stands at Rs 9,900 per sq.ft from the 2024 revision. The revisions for the years 2002 and 2003 have no figures available for this street in the register.

The changes between the revisions indicate a +260% increase from 2007 to 2012, followed by a -33% decrease from 2012 to 2017. The value then increased by +49% from 2017 to 2023, and finally, there was a +10% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by +296%.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, making the 2024 figure for Makkis Garden 2nd Street above the median.

• Makkis Garden 1st 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 2nd 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 amount to Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, bringing the total to Rs 8,91,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Makkis Garden 2nd Street?

The Sub Registrar Office that covers Makkis Garden 2nd 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 information.

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

When buying or selling property in Nungambakkam, the guideline value is a crucial factor as it determines the stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is recorded accurately in the official register.

Understanding the guideline value is essential for both buyers and sellers, as it helps in assessing the costs associated with property transactions. It is advisable to consult the latest guideline values to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Makkis Garden 2nd Street?

The current guideline value of Makkis Garden 2nd Street is Rs 9,900 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 2,500 per sq.ft in 2007 to Rs 9,900 per sq.ft in 2024, representing an overall increase of +296%.

What are the other streets in Nungambakkam with similar guideline values?

Other streets in Nungambakkam include Makkis Garden 1st Street and Makkis Garden Street, both at Rs 9,900 per sq.ft in 2024.

Where can I find the Sub Registrar Office for Makkis Garden 2nd Street?

The Sub Registrar Office for Makkis Garden 2nd Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street Alwarpet, Chennai -600018.

How is the stamp duty calculated for properties in Makkis Garden 2nd Street?

Stamp duty is calculated at 7% on the guideline value or the sale price, whichever is higher, along with a registration fee of 2% on the guideline value.