Guideline Value for Markanda Naicken Street

Markanda Naicken Street guideline value

The current guideline value of Markanda Naicken Street is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village and falls under the Sembiam SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Markanda Naicken Street has changed

The guideline value for Markanda Naicken Street has seen several revisions over the years. In 2007, the value was Rs 800 per sq.ft, which increased significantly to Rs 2,200 per sq.ft in 2012. However, it then decreased to Rs 1,474 per sq.ft in 2017. The next revision in 2023 set the value at Rs 2,200 per sq.ft, and the most recent revision in 2024 raised it to Rs 2,400 per sq.ft. There are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, the value increased by 49%, and from 2023 to 2024, it saw a further increase of 9%. The overall change from 2007 to 2024 reflects a substantial increase of 200% in the guideline value.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,100 per sq.ft, with a median value of Rs 3,301 per sq.ft. Markanda Naicken Street's 2024 figure is below this median.

• Markandaiyan Street (Jawahar Nagar): Rs 2,400 per sq.ft (2024)
• Manavalan Street (Vetri Nagar Extension): Rs 3,301 per sq.ft (2024)
• Manavalan 2nd Cross Street (Vetri Nagar Extension): Rs 2,700 per sq.ft (2024)
• Manavalan 1st Cross Street (Vetri Nagar Extension): Rs 2,700 per sq.ft (2024)
• Manavalam Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• Meri Helan Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Markanda Naicken Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, making the total fees together Rs 2,16,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Markanda Naicken Street?

The Sub Registrar Office that covers Markanda Naicken Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the property registration process in Peravallur. It helps determine the stamp duty and registration fees that buyers and sellers must pay when completing a property transaction. The guideline value serves as a benchmark to ensure that the transaction is recorded accurately and fairly.

When buying or selling property, the guideline value is referenced to calculate the applicable fees. Buyers should be aware that the stamp duty is charged based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Markanda Naicken Street?

The current guideline value of Markanda Naicken Street is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 2,400 per sq.ft in 2024. This reflects an overall increase of 200% over the years.

What is the median guideline value in Peravallur?

The median guideline value in Peravallur is Rs 3,301 per sq.ft for the year 2024. Markanda Naicken Street's guideline value is below this median.

What are the stamp duty and registration fees for properties here?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,16,000.

Which office handles registrations for Markanda Naicken Street?

The Sembiam Sub Registrar Office handles registrations for Markanda Naicken Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.