Guideline Value for MEENAKSHI STREET

Meenakshi Street guideline value

The current guideline value of Meenakshi Street, located in Arasankalani village, is Rs 1,300 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class III Type - I land classification. The street is registered with the Selaiyur Sub Registrar Office (SRO).

How the guideline value of Meenakshi Street has changed

The guideline value for Meenakshi Street has undergone several revisions over the years. The earliest recorded revision in 2012 set the guideline value at Rs 1,200 per sq.ft. This value remained the same until the 2017 revision, which saw a decrease of 33% to Rs 804 per sq.ft. Following this, the value increased significantly by 49% in the 2023 revision to Rs 1,200 per sq.ft. The most recent revision in 2024 has further increased the value by 8% to Rs 1,300 per sq.ft.

There are no figures available for the revisions in 2002, 2003, and 2007 for Meenakshi Street.

Guideline values in Arasankalani

In Arasankalani village, there are 85 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 1,300 to Rs 4,750 per sq.ft, with a median value of Rs 2,100 per sq.ft. The guideline value of Meenakshi Street is below this median.

• M.G.R.Nagar: Rs 1,650 per sq.ft (2024)
• Moogambigai Nagar: Rs 1,900 per sq.ft (2024)
• Mangalam Nagar: Rs 1,650 per sq.ft (2024)
• Majestic Square: Rs 2,100 per sq.ft (2024)
• Mahalakshmi Nagar Phase-II: Rs 2,200 per sq.ft (2024)
• Mahalakshmi Nagar Phase-I: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Meenakshi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty, charged at 7%, would be Rs 91,000, while the registration fee at 2% would be Rs 26,000. Therefore, the total cost for stamp duty and registration would be Rs 1,17,000. 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 details.

Which Sub Registrar Office covers Meenakshi Street?

Meenakshi Street falls under the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Arasankalani. It serves as the baseline for calculating applicable stamp duties and registration fees, ensuring that transactions are conducted at a standardized value recognized by the government.

When buying or selling property, the guideline value helps determine the minimum price at which a property can be registered. This ensures transparency in property transactions and helps prevent undervaluation of properties.

Frequently asked questions

What is the current guideline value of Meenakshi Street?

The current guideline value of Meenakshi Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Meenakshi Street?

Meenakshi Street is classified under Residential Class III Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property on Meenakshi Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 13,00,000, the total fees would amount to Rs 1,17,000.

Which office handles the registration for Meenakshi Street?

The Selaiyur Sub Registrar Office handles the registration for Meenakshi Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.