Guideline Value for MEHRU NAGAR 3RD CROSS STREET

Mehru Nagar 3rd Cross Street guideline value

The current guideline value of Mehru Nagar 3rd 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 3rd Cross Street has changed

The guideline value for Mehru Nagar 3rd Cross Street has seen several revisions over the years. In 2012, the guideline value was Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023 and further rose to Rs 1,650 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The revisions for the years 2002, 2003, and 2007 have no figures recorded for this street.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO that have 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 3rd Cross Street.

• Mehru Nagar 2nd Cross Street: Rs 1,650 per sq.ft (2024)
• Mehru Nagar 4th Cross Street: Rs 1,650 per sq.ft (2024)
• Mehru Nagar 1st Street: Rs 1,650 per sq.ft (2024)
• Mehru Nagar 5th Cross Street: Rs 1,650 per sq.ft (2024)
• Mehru Nagar 1st Cross Street: Rs 1,650 per sq.ft (2024)
• Mehru Nagar Extn.: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Mehru Nagar 3rd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total charges to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mehru Nagar 3rd Cross Street?

The Sub Registrar Office that covers Mehru Nagar 3rd 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

When buying or selling property in Pallikaranai, the guideline value plays a crucial role in determining the stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value in their area, as it directly affects the financial aspects of property registration. Understanding these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Mehru Nagar 3rd Cross Street?

The current guideline value of Mehru Nagar 3rd 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 increased from Rs 1,500 per sq.ft in 2012 to Rs 1,650 per sq.ft in 2024, showing an overall increase of 10%. Notably, there was a significant rise of 49% from 2017 to 2023.

What are the other streets in Pallikaranai with the same guideline value?

Other streets in Pallikaranai that share the same guideline value of Rs 1,650 per sq.ft include Mehru Nagar 2nd Cross Street, Mehru Nagar 4th Cross Street, Mehru Nagar 1st Street, Mehru Nagar 5th Cross Street, Mehru Nagar 1st Cross Street, and Mehru Nagar Extn.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, along with a registration fee of 2%. For example, a 1,000 sq.ft plot at the current guideline value results in a total charge of Rs 1,48,500.

Where can I find the Sub Registrar Office for Mehru Nagar 3rd Cross Street?

The Sub Registrar Office for Mehru Nagar 3rd Cross Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find more information online.