Guideline Value for MEHRU NAGAR

Mehru Nagar guideline value

The current guideline value of Mehru Nagar, located in Pallikaranai village, is Rs 1,650 per sq.ft as per the 2024 revision. This guideline value is effective from 1 July 2024 and falls under the Residential Class IV Type - I land classification within the Chennai South Joint I SRO.

How the guideline value of Mehru Nagar has changed

The guideline value of Mehru Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 93 per sq.ft, which increased to Rs 110 per sq.ft in 2003, marking an 18% rise. Following this, the value surged dramatically to Rs 500 per sq.ft in 2007, representing a 355% increase. The value then rose to Rs 1,500 per sq.ft in 2012, a 200% increase from the previous revision. However, from 2012 to 2017, the value decreased to Rs 1,005 per sq.ft, a decline of 33%. The most recent revision in 2024 set the value at Rs 1,650 per sq.ft, reflecting a 64% increase from 2017.

It is important to note that there is no figure available for the year 2023 for Mehru Nagar in the register. Overall, from 2002 to 2024, the guideline value has increased by an impressive 1674%.

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.

• 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)
• 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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total 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, these fees would total 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. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Mehru Nagar?

Mehru Nagar falls under 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 further assistance.

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

The guideline value plays a crucial role when buying or selling property in Pallikaranai. It is used to determine the stamp duty and registration fees applicable during the registration process. Buyers and sellers must be aware of the guideline value to ensure accurate calculations of these fees.

When a property is sold, the guideline value is referenced to establish the minimum value for taxation purposes. This means that the stamp duty and registration 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.

Frequently asked questions

What is the current guideline value of Mehru Nagar?

The current guideline value of Mehru Nagar is Rs 1,650 per sq.ft as per the 2024 revision, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 93 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, representing an overall increase of 1674% over this period.

What is the land classification of Mehru Nagar?

Mehru Nagar is classified as Residential Class IV Type - I, which is relevant for determining its guideline value and usage.

What are the stamp duty and registration fees in Mehru Nagar?

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. These fees are based on the guideline value.

Which office handles registrations for Mehru Nagar?

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