Guideline Value for MEENAKSHIPURAM

Meenakshipuram guideline value

The current guideline value of Meenakshipuram is Rs 1,320 per sq.ft, effective from 1 July 2024. It is located in Pallikaranai village under the Chennai South Joint I SRO, classified as Residential Class IV Type - II.

How the guideline value of Meenakshipuram has changed

The guideline value for Meenakshipuram has undergone several revisions over the years. In 2002, the value was Rs 92 per sq.ft, which increased to Rs 109 per sq.ft in 2003. Following this, there was a significant rise to Rs 500 per sq.ft in 2007, and the value further increased to Rs 1,200 per sq.ft in 2012. However, it saw a decrease to Rs 804 per sq.ft in 2017. The value then rose again to Rs 1,200 per sq.ft in 2023 before reaching the current figure of Rs 1,320 per sq.ft in 2024.

The changes between revisions show a notable increase of 10% from 2023 to 2024, a substantial increase of 49% from 2017 to 2023, a decrease of 33% from 2012 to 2017, an increase of 140% from 2007 to 2012, and a remarkable increase of 359% from 2003 to 2007. Overall, from 2002 to 2024, the guideline value has increased by 1,335%.

Guideline values in Pallikaranai

Pallikaranai consists of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value in this area is Rs 1,650 per sq.ft, placing Meenakshipuram's 2024 figure below that median.

• Meenakshipuram 1st Street: Rs 1,320 per sq.ft (2024)
• Meenakshipuram 2nd Street: Rs 1,320 per sq.ft (2024)
• Meenatchi Nagar: Rs 2,750 per sq.ft (2024)
• Meenatchi Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Meenatchi Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Mehru Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Meenakshipuram

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees together to Rs 1,18,800. The duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Meenakshipuram?

The Sub Registrar Office covering Meenakshipuram is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO here.

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

The guideline value is a crucial factor in property transactions in Pallikaranai. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. The registration authority uses the guideline value to assess the value of the property for taxation purposes.

When buyers and sellers engage in a transaction, the guideline value ensures that the property is registered at a value that reflects the prevailing market conditions. This helps in maintaining transparency and consistency in property dealings.

Frequently asked questions

What is the current guideline value of Meenakshipuram?

The current guideline value of Meenakshipuram is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 92 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, marking an overall increase of 1,335% over the years.

What is the median guideline value in Pallikaranai?

The median guideline value in Pallikaranai is Rs 1,650 per sq.ft, with Meenakshipuram's current value being below this median.

What are the stamp duty and registration fees for Meenakshipuram?

For a 1,000 sq.ft plot, the total guideline value is Rs 13,20,000, with stamp duty at Rs 92,400 and registration fees at Rs 26,400, totaling Rs 1,18,800.

Where is the Sub Registrar Office for Meenakshipuram located?

The Sub Registrar Office for Meenakshipuram is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.