Guideline Value for Makkis Garden Street

Makkis Garden Street guideline value

The current guideline value of Makkis Garden 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 street is Commercial Class I Type - II.

How the guideline value of Makkis Garden Street has changed

Over the years, the guideline value of Makkis Garden Street has seen significant changes. The earliest recorded revision was in 2007, where the value was Rs 2,500 per sq.ft. This increased to Rs 9,000 per sq.ft in 2012, marking a substantial rise of 260%. However, the value then decreased to Rs 6,030 per sq.ft in 2017, which was a drop of 33%. Following this, the value surged to Rs 9,000 per sq.ft in 2023, and further increased by 10% to the current rate of Rs 9,900 per sq.ft in 2024.

From 2017 to 2023, there was a notable increase of 49%. Overall, from 2007 to 2024, the guideline value has increased by 296%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

Nungambakkam village has a total of 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, with a median value of Rs 8,800 per sq.ft. Makkis Garden Street's 2024 figure is above this median.

• Makkis Garden 2nd Street: Rs 9,900 per sq.ft (2024)
• Makkis Garden 1st 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 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, charged at 7%, would amount to Rs 6,93,000, while the registration fee at 2% would be Rs 1,98,000. Together, these fees would total 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Makkis Garden Street?

The Sub Registrar Office that covers Makkis Garden 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

The guideline value plays a crucial role during the registration of property transactions in Nungambakkam. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the official valuation of the property.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. Accurate knowledge of the guideline value can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Makkis Garden Street?

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

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 2,500 per sq.ft in 2007 to Rs 9,900 per sq.ft in 2024, which is an overall increase of 296%.

What is the land classification of Makkis Garden Street?

Makkis Garden Street is classified as Commercial Class I Type - II, which indicates its use for commercial purposes.

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

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

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

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 99,00,000, the stamp duty would be Rs 6,93,000 at a rate of 7%.