Guideline Value for MEHRU NAGAR 1ST CROSS STREET

Mehru Nagar 1st Cross Street guideline value

The current guideline value of Mehru Nagar 1st Cross Street is Rs 1,650 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 Class IV Type - I.

How the guideline value of Mehru Nagar 1st Cross Street has changed

The guideline value for Mehru Nagar 1st Cross Street has undergone several revisions over the years. In 2012, the guideline value was set at Rs 1,500 per sq.ft. This figure decreased to Rs 1,005 per sq.ft in the 2017 revision, marking a decline of 33%. However, in the 2024 revision, the guideline value increased significantly to Rs 1,650 per sq.ft, representing a 64% increase from the 2017 figure.

Overall, comparing the 2012 and 2024 revisions, the guideline value has seen a slight increase of 10%. It is important to note that the register does not contain figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current guideline value of Mehru Nagar 1st Cross Street.

• Mehru Nagar: 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)
• Mehru Nagar 3rd Cross Street: Rs 1,650 per sq.ft (2024)
• Mehru Nagar 4th Cross Street: Rs 1,650 per sq.ft (2024)
• Mehru Nagar 5th Cross Street: Rs 1,650 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, the total cost for these fees would be Rs 1,48,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Mehru Nagar 1st Cross Street?

The Sub Registrar Office that covers Mehru Nagar 1st Cross 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. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government collects appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value as it affects the overall cost of the transaction. Buyers should ensure that the sale price is in line with the guideline value to avoid any complications during the registration process.

Frequently asked questions

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

The current guideline value of Mehru Nagar 1st Cross Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,650 per sq.ft in 2024. The overall change from 2012 to 2024 is an increase of 10%.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500. Duty is charged on the higher of the guideline value or the sale price.

Which Sub Registrar Office is responsible for Mehru Nagar 1st Cross Street?

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

Are there other streets in Pallikaranai with the same guideline value?

Yes, there are several other streets in Pallikaranai under the Chennai South Joint I SRO that share the same guideline value of Rs 1,650 per sq.ft for 2024, including Mehru Nagar, Mehru Nagar 1st Street, and others.