Guideline Value for MEENATCHI NAGAR 1ST STREET

Meenatchi Nagar 1st Street guideline value

The current guideline value of Meenatchi Nagar 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Meenatchi Nagar 1st Street has changed

The guideline value for Meenatchi Nagar 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in 2017. Following that, the value increased significantly to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,750 per sq.ft as per the 2024 revision, reflecting a 10% increase from the previous year.

From 2017 to 2023, the increase was 49%, while the value decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO, with the 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, making the current guideline value of Meenatchi Nagar 1st Street above this median.

• MEENATCHI NAGAR 2nd STREET: Rs 2,750 per sq.ft (2024)
• Meenatchi Nagar: Rs 2,750 per sq.ft (2024)
• Mehru Nagar: Rs 1,650 per sq.ft (2024)
• Mehru Nagar 1st Cross Street: Rs 1,650 per sq.ft (2024)
• Mehru Nagar 1st Street: Rs 1,650 per sq.ft (2024)
• Mehru Nagar 2nd Cross Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Meenatchi Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Meenatchi Nagar 1st Street?

The Sub Registrar Office that covers Meenatchi Nagar 1st Street 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.

To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property. It serves as the benchmark for calculating stamp duty and registration fees, ensuring that the transaction is officially recorded at a value recognized by the government.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Meenatchi Nagar 1st Street?

The current guideline value of Meenatchi Nagar 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,750 per sq.ft in 2024.

What is the land classification for Meenatchi Nagar 1st Street?

The land classification for Meenatchi Nagar 1st Street is Residential Special Type - I.

What are the stamp duty and registration fees for buying property here?

For a 1,000 sq.ft plot, the total guideline value is Rs 27,50,000. The stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles registrations for Meenatchi Nagar 1st Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Meenatchi Nagar 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.