Guideline Value for MEENAKSHI NAGAR

Meenakshi Nagar guideline value

The current guideline value of Meenakshi Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam Sub Registrar Office (SRO). The land classification for this locality is Residential Class III Type - III.

How the guideline value of Meenakshi Nagar has changed

In the 2007 revision, the guideline value was set at Rs 250 per sq.ft. This figure saw a significant increase in the 2012 revision, where it rose to Rs 1,500 per sq.ft, marking a 500% increase. The guideline value remained unchanged at Rs 1,500 per sq.ft in the 2023 revision. The most recent revision in 2024 saw the guideline value increase to Rs 1,600 per sq.ft, reflecting a 7% rise from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2017 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 540%.

Guideline values in Korattur

Within Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value for Meenakshi Nagar is below this median.

• Menabedu Road (Kanchinakuppam): Rs 2,500 per sq.ft (2024)
• Mettu Street: Rs 2,500 per sq.ft (2024)
• Maruthi Flats: Rs 2,900 per sq.ft (2024)
• Mariyamman Koil Street: Rs 1,600 per sq.ft (2024)
• Mariyamma Nagar: Rs 2,500 per sq.ft (2024)
• M.M.Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Meenakshi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Meenakshi Nagar?

Meenakshi Nagar falls under the jurisdiction of the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Korattur. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that all transactions are documented accurately and that the government receives its due revenue from property transactions.

Frequently asked questions

What is the current guideline value of Meenakshi Nagar?

The current guideline value of Meenakshi Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, representing an overall increase of 540%.

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

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000, and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Which Sub Registrar Office covers Meenakshi Nagar?

Meenakshi Nagar is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification for Meenakshi Nagar?

The land classification for Meenakshi Nagar is Residential Class III Type - III.