Guideline Value for Mohan Nagar 2nd Street

Mohan Nagar 2nd Street guideline value

The current guideline value of Mohan Nagar 2nd Street is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Mohan Nagar 2nd Street has changed

The guideline value for Mohan Nagar 2nd Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,400 per sq.ft, which is an increase from Rs 2,200 per sq.ft in 2023, marking a change of +9%. Prior to that, in 2017, the value was Rs 1,474 per sq.ft, which means there was a significant increase of +49% from 2017 to 2023. The 2012 revision also recorded a value of Rs 2,200 per sq.ft, indicating a decrease of -33% from the previous revision in 2017. Overall, from 2012 to 2024, the guideline value has increased by +9%.

The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value is Rs 2,400 per sq.ft, which means that the guideline value of Mohan Nagar 2nd Street is equal to this median.

• Mohan Nagar 2nd Cross street: Rs 2,400 per sq.ft (2024)
• Mohan Nagar 3rd Cross Street: Rs 2,400 per sq.ft (2024)
• Mohan Nagar 1st Street: Rs 2,400 per sq.ft (2024)
• Mohan Nagar 3rd Street: Rs 2,400 per sq.ft (2024)
• Mohan Nagar 1st Main Road: Rs 1,700 per sq.ft (2024)
• Mohan Nagar 4th Cross Street: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mohan Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty at 7% would amount to Rs 1,68,000, while the registration fee at 2% would be Rs 48,000. Together, the total cost for stamp duty and registration fee would be Rs 2,16,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mohan Nagar 2nd Street?

The Sub Registrar Office that covers Mohan Nagar 2nd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Madambakkam. 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 property, it is essential to consider the guideline value, as it may influence negotiations and the final sale price. The registration process will require adherence to the guideline value, which helps in maintaining transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Mohan Nagar 2nd Street?

The current guideline value of Mohan Nagar 2nd 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 1,474 per sq.ft in 2017 to Rs 2,400 per sq.ft in 2024, with various revisions in between, including a drop to Rs 2,200 per sq.ft in 2012.

What is the land classification for Mohan Nagar 2nd Street?

The land classification for Mohan Nagar 2nd Street is Commercial Class I Type - II.

Where can I find the registration office for Mohan Nagar 2nd Street?

The registration office for Mohan Nagar 2nd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is stamp duty calculated for properties in Mohan Nagar 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For a property valued at Rs 24,00,000, the stamp duty would be Rs 1,68,000 at the rate of 7%.