Guideline Value for MEHRU NAGAR 2ND CROSS STREET

Mehru Nagar 2nd Cross Street guideline value

The current guideline value of Mehru Nagar 2nd 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 2nd Cross Street has changed

The guideline value for Mehru Nagar 2nd Cross Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the most recent 2024 revision has further raised it to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, the value increased by 49%. However, the value saw a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Pallikaranai

Pallikaranai village has 749 streets under the Chennai South Joint I SRO, with guideline values 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 for Mehru Nagar 2nd Cross Street.

• Mehru Nagar 1st Street: Rs 1,650 per sq.ft (2024)
• Mehru Nagar 3rd Cross Street: Rs 1,650 per sq.ft (2024)
• Mehru Nagar 1st Cross Street: Rs 1,650 per sq.ft (2024)
• Mehru Nagar 4th Cross Street: Rs 1,650 per sq.ft (2024)
• Mehru Nagar: 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 2nd Cross Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 16,50,000. The stamp duty at 7% amounts to Rs 1,15,500, and the registration fee at 2% is Rs 33,000, bringing the total to Rs 1,48,500. Please note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mehru Nagar 2nd Cross Street?

The Sub Registrar Office that covers Mehru Nagar 2nd 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 is a crucial factor in the registration of property transactions in Pallikaranai. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property sales.

When you buy or sell property, the guideline value helps determine the minimum value at which the property can be registered. This ensures transparency and fairness in property transactions, preventing undervaluation and tax evasion.

Frequently asked questions

What is the current guideline value of Mehru Nagar 2nd Cross Street?

The current guideline value of Mehru Nagar 2nd 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 to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Mehru Nagar 2nd Cross Street?

The land classification for Mehru Nagar 2nd Cross Street is Residential Class IV Type - I.

Where is the Sub Registrar Office for Mehru Nagar 2nd Cross Street located?

The Sub Registrar Office for Mehru Nagar 2nd Cross Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Mehru Nagar 2nd Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 1,15,500 based on the current guideline value.