Guideline Value for MADHURAI MEENAKSHI NAGAR

Madhurai Meenakshi Nagar guideline value

The current guideline value of Madhurai Meenakshi Nagar is Rs 248 per sq.ft, effective from 1 July 2024. This area is located in Puthubakkam village under the Thiruvottiyur SRO and is classified as Residential Special Type - I.

How the guideline value of Madhurai Meenakshi Nagar has changed

The guideline value for Madhurai Meenakshi Nagar has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 50 per sq.ft, which increased significantly to Rs 225 per sq.ft in 2012. However, it then decreased to Rs 151 per sq.ft in 2017. The most recent revisions show an increase to Rs 226 per sq.ft in 2023 and further to Rs 248 per sq.ft in 2024, marking a 10% rise from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 396%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Puthubakkam

Puthubakkam village has eight streets under the Thiruvottiyur SRO with a guideline value range from Rs 165 to Rs 249 per sq.ft. The guideline value for Madhurai Meenakshi Nagar is equal to the median value of Rs 248 per sq.ft for 2024.

• Outer Ring Road: Rs 249 per sq.ft (2024)
• Balamurugan Nagar: Rs 165 per sq.ft (2024)
• Sri Karumaniamman Nagar: Rs 248 per sq.ft (2024)
• Sri Krishna Nagar/Ext/Phases: Rs 248 per sq.ft (2024)
• Sri Padmavathy Nagar: Rs 248 per sq.ft (2024)
• Sri Sankaran Vetrivel Garden: Rs 248 per sq.ft (2024)

Stamp duty and registration fee for property in Madhurai Meenakshi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 248 per sq.ft, the total guideline value is Rs 2,48,000. The stamp duty at 7% would be Rs 17,360, and the registration fee at 2% would be Rs 4,960, making the total cost for these charges Rs 22,320. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Madhurai Meenakshi Nagar?

The Madhurai Meenakshi Nagar area falls under the jurisdiction of the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. For more information, you can find your SRO.

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

The guideline value is a crucial factor during property registration in Puthubakkam. It serves as a benchmark for determining the minimum price 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, the guideline value helps in assessing the transaction value. If the sale price exceeds the guideline value, the duty is calculated based on the sale price, ensuring that both the buyer and seller are aware of their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Madhurai Meenakshi Nagar?

The current guideline value of Madhurai Meenakshi Nagar is Rs 248 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 248 per sq.ft in 2024, showing an overall increase of 396% over the years.

What is the registration office for Madhurai Meenakshi Nagar?

The registration office for Madhurai Meenakshi Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in Madhurai Meenakshi Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is also applicable.

What other streets have guideline values in Puthubakkam?

Other streets in Puthubakkam include Outer Ring Road at Rs 249 per sq.ft, Balamurugan Nagar at Rs 165 per sq.ft, and several others, with values ranging from Rs 165 to Rs 249 per sq.ft.