Guideline Value for NMK PLOTS

Nmk Plots guideline value

The current guideline value of Nmk Plots in Mathuranthagam village under the Madurandakam SRO is Rs 560 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class III Type - I land classification.

How the guideline value of Nmk Plots has changed

The guideline value for Nmk Plots has seen several revisions over the years. In the 2012 revision, the value was set at Rs 500 per sq.ft. This was followed by a decrease in the 2017 revision, where the value dropped to Rs 335 per sq.ft. However, the subsequent 2023 revision saw a significant increase to Rs 500 per sq.ft, and the latest 2024 revision raised it further to Rs 560 per sq.ft, marking a 12% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 12%. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Mathuranthagam

In Mathuranthagam, there are 109 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,480 per sq.ft, with a median value of Rs 1,100 per sq.ft. The guideline value for Nmk Plots is below this median.

• New Police Line: Rs 1,110 per sq.ft (2024)
• Old Machine Street: Rs 1,110 per sq.ft (2024)
• Old Police Otha Vaadai Street: Rs 1,100 per sq.ft (2024)
• Nallan Pillai Nagar: Rs 775 per sq.ft (2024)
• Pallipattu Narasimhachari Street: Rs 1,110 per sq.ft (2024)
• Parthasarathi Naidu Street: Rs 1,110 per sq.ft (2024)

Stamp duty and registration fee for property in Nmk Plots

For a 1,000 sq.ft plot at the current guideline value of Rs 560 per sq.ft, the total guideline value would be Rs 5,60,000. The stamp duty at 7% would amount to Rs 39,200, while the registration fee at 2% would be Rs 11,200, bringing the total cost for these fees to Rs 50,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Nmk Plots?

The Nmk Plots are covered by the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Mathuranthagam. 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 an official valuation.

It is essential for buyers and sellers to be aware of the guideline value as it affects the overall cost of transactions. Proper understanding of these values can help in budgeting for the additional expenses associated with property registration.

Frequently asked questions

What is the current guideline value for Nmk Plots?

The current guideline value for Nmk Plots is Rs 560 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then increased to Rs 500 per sq.ft in 2023, and finally to Rs 560 per sq.ft in 2024.

What are the guideline values for other streets in Mathuranthagam?

Other streets in Mathuranthagam have varying guideline values, with rates ranging from Rs 440 to Rs 1,480 per sq.ft. For example, New Police Line and Old Machine Street both have a guideline value of Rs 1,110 per sq.ft in 2024.

What fees are associated with buying property in Nmk Plots?

When buying property in Nmk Plots, buyers should consider the stamp duty of 7% and a registration fee of 2%, which are calculated based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Nmk Plots?

The Sub Registrar Office covering Nmk Plots is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.