Guideline Value for Akshaya Nagar

Akshaya Nagar guideline value

The current guideline value of Akshaya Nagar, located in Melamaiyur village under the Chengleput Joint I SRO, is Rs 1,322 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Special Type - II.

How the guideline value of Akshaya Nagar has changed

The guideline value for Akshaya Nagar has undergone several revisions over the years. The earliest recorded revision was in 2007, where the value was Rs 333 per sq.ft. This figure increased significantly to Rs 1,500 per sq.ft in 2012, marking a 350% rise. However, by 2017, the value decreased to Rs 1,005 per sq.ft, reflecting a 33% drop. The subsequent revision in 2023 saw the value increase to Rs 1,200 per sq.ft, which was a 19% rise. The most recent revision in 2024 has set the guideline value at Rs 1,322 per sq.ft, showing a 10% increase from the previous year.

It is important to note that there are no recorded figures for Akshaya Nagar in the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 297%.

Guideline values in Melamaiyur

In Melamaiyur village, there are 37 streets under the Chengleput Joint I SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 3,000 per sq.ft. The median value is Rs 1,212 per sq.ft, placing Akshaya Nagar's 2024 figure above this median.

• Aasiriyar nagar: Rs 1,100 per sq.ft (2024)
• Ammaiyappar Nagar: Rs 1,322 per sq.ft (2024)
• Andal Nagar: Rs 1,212 per sq.ft (2024)
• ANNAI PADMAVATHY NAGAR Phase -I,II,III,IV&Extension: Rs 1,212 per sq.ft (2024)
• Arutperum Jyothi Nagar: Rs 825 per sq.ft (2024)
• Bhavani Nagar: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Akshaya Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,322 per sq.ft, the total guideline value amounts to Rs 13,22,000. The stamp duty at 7% would be Rs 92,540, and the registration fee at 2% would be Rs 26,440, bringing the total fees to Rs 1,18,980. 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 more information.

Which Sub Registrar Office covers Akshaya Nagar?

The Sub Registrar Office that covers Akshaya Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Melamaiyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Akshaya Nagar?

The current guideline value of Akshaya Nagar is Rs 1,322 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Akshaya Nagar has changed from Rs 333 per sq.ft in 2007 to Rs 1,322 per sq.ft in 2024, reflecting an overall increase of 297% over the years.

What are the stamp duty and registration fees for properties in Akshaya Nagar?

For a property valued at Rs 13,22,000, the stamp duty would be Rs 92,540 and the registration fee would be Rs 26,440, totaling Rs 1,18,980.

What is the land classification for Akshaya Nagar?

The land classification for Akshaya Nagar is Mixed Special Type - II, which categorizes the type of development permissible in the area.

Which office handles registrations for Akshaya Nagar?

The Chengleput Joint I Sub Registrar Office handles registrations for Akshaya Nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.