Guideline Value for MEENAMBAL PURAM

Meenambal Puram guideline value

The current guideline value of Meenambal Puram is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village, under the jurisdiction of the Mylapore SRO. The land classification for this street is Residential Class V Type - III.

How the guideline value of Meenambal Puram has changed

The guideline value for Meenambal Puram has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 416 per sq.ft. This increased to Rs 463 per sq.ft in 2003, marking a rise of 11%. The value saw a significant jump to Rs 900 per sq.ft in 2007, which was an increase of 94%. In 2012, the value was revised to Rs 3,000 per sq.ft, reflecting a substantial increase of 233%. However, the value dropped to Rs 2,010 per sq.ft in 2017, which was a decrease of 33%. The 2023 revision set the value at Rs 3,000 per sq.ft, and the latest revision in 2024 has increased it to Rs 3,300 per sq.ft, a rise of 10%.

Overall, from 2002 to 2024, the guideline value has increased by 693%. There are no figures available for the revisions in years other than those mentioned.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. Meenambal Puram's 2024 figure is below this median.

• Mekkapuram 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Mekkapuram 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Mekkapuram 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Mekkapuram 4th Cross Street: Rs 3,300 per sq.ft (2024)
• Mekkapuram Street: Rs 3,300 per sq.ft (2024)
• Mayor Ramanathan Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Meenambal Puram

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Please 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 further calculations.

Which Sub Registrar Office covers Meenambal Puram?

The Sub Registrar Office that covers Meenambal Puram is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

When buying or selling property in Mylapore, the guideline value plays a crucial role during the registration process. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that these costs are calculated based on the official value set by the government.

The guideline value is essential for both buyers and sellers, as it provides a standardized measure for property valuation. This helps in maintaining transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Meenambal Puram?

The current guideline value of Meenambal Puram is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 416 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 693% over the years.

What is the land classification for Meenambal Puram?

Meenambal Puram is classified as Residential Class V Type - III.

Where can I find the Sub Registrar Office for Meenambal Puram?

The Sub Registrar Office for Meenambal Puram is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is the stamp duty calculated for properties in Meenambal Puram?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.