Guideline Value for MEKKAPURAM 2ND CROSS STREET

Mekkapuram 2nd Cross Street guideline value

The current guideline value of Mekkapuram 2nd Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class V Type - III.

How the guideline value of Mekkapuram 2nd Cross Street has changed

The guideline value for Mekkapuram 2nd Cross Street has seen several revisions over the years. Starting with the 2002 revision, the guideline value was Rs 612 per sq.ft. This figure increased to Rs 680 per sq.ft in 2003, marking an 11% rise. The subsequent revision in 2007 saw a significant jump to Rs 900 per sq.ft, representing a 32% increase. However, from 2007 to 2012, the value rose sharply to Rs 3,000 per sq.ft, which is a 233% increase. In the 2017 revision, the value decreased to Rs 2,010 per sq.ft, reflecting a 33% drop. The 2023 revision brought the value back up to Rs 3,000 per sq.ft, and the latest revision in 2024 set it at Rs 3,300 per sq.ft, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 439%. The register has no figure for revisions in years other than those listed above.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value of Mekkapuram 2nd Cross Street is below this median.

• Mekkapuram 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Mekkapuram 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Mekkapuram 4th Cross Street: Rs 3,300 per sq.ft (2024)
• Mekkapuram Street: Rs 3,300 per sq.ft (2024)
• Meenambal Puram: Rs 3,300 per sq.ft (2024)
• Mayor Ramanathan Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Mekkapuram 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the 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 Mekkapuram 2nd Cross Street?

The Sub Registrar Office that covers Mekkapuram 2nd Cross Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the duty is charged on the higher of the two. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

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

The current guideline value of Mekkapuram 2nd Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 612 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 439% over the years.

What are the stamp duty and registration fees for property in Mekkapuram 2nd Cross Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers Mekkapuram 2nd Cross Street?

The Mylapore Sub Registrar Office covers Mekkapuram 2nd Cross Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification of Mekkapuram 2nd Cross Street?

Mekkapuram 2nd Cross Street is classified as Residential Class V Type - III under the Mylapore SRO.