Guideline Value for MEJESTIC RECIDENCY

Mejestic Recidency guideline value

The current guideline value of Mejestic Recidency in Chemmancheri village is Rs 3,900 per sq.ft, effective from 1 July 2024. This property falls under the Neelankarai SRO and is classified as Residential Class I Type - I.

How the guideline value of Mejestic Recidency has changed

The guideline value for Mejestic Recidency has undergone several revisions over the years. The 2007 revision set the value at Rs 1,500 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in the 2012 revision. However, there was a decrease to Rs 2,345 per sq.ft in the 2017 revision. The 2023 revision saw a substantial increase to Rs 3,500 per sq.ft, followed by the current value of Rs 3,900 per sq.ft effective from 1 July 2024.

In terms of percentage changes, from 2007 to 2012, there was a remarkable increase of 133%. However, from 2012 to 2017, the value decreased by 33%. The value then surged by 49% from 2017 to 2023, and finally, from 2023 to 2024, it increased by 11%. Overall, the guideline value has risen by 160% from 2007 to 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO, with a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, making Mejestic Recidency's 2024 figure of Rs 3,900 per sq.ft above the median.

• M.G.R.Nagar: Rs 3,300 per sq.ft (2024)
• M.G.R.Road: Rs 3,300 per sq.ft (2024)
• Michael Garden: Rs 3,300 per sq.ft (2024)
• Manick Enclave: Rs 1,700 per sq.ft (2024)
• Mohan Garden: Rs 1,000 per sq.ft (2024)
• Manavalan Garden: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Mejestic Recidency

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total cost for these fees to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mejestic Recidency?

The Mejestic Recidency property is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Chemmancheri. It serves as a benchmark for determining the stamp duty and registration fees that are applicable when a property is bought or sold.

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

Frequently asked questions

What is the current guideline value for Mejestic Recidency?

The current guideline value for Mejestic Recidency is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions: it was Rs 1,500 per sq.ft in 2007, increased to Rs 3,500 in 2012, dropped to Rs 2,345 in 2017, rose back to Rs 3,500 in 2023, and is now Rs 3,900 in 2024.

What is the stamp duty for property in Mejestic Recidency?

The stamp duty for property in Mejestic Recidency is calculated at 7% of the guideline value. For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000.

Which office handles registrations for Mejestic Recidency?

The Neelankarai Sub Registrar Office handles registrations for Mejestic Recidency, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.

What is the median guideline value in Chemmancheri?

The median guideline value for streets in Chemmancheri is Rs 1,700 per sq.ft, while Mejestic Recidency's current value of Rs 3,900 is above this median.