Guideline Value for MEKKAPURAM STREET

Mekkapuram Street guideline value

The current guideline value of Mekkapuram 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 Street has changed

The guideline value for Mekkapuram Street has undergone several revisions over the years. In 2002, the value was Rs 612 per sq.ft, which increased to Rs 680 per sq.ft in 2003, marking an 11% rise. The value continued to increase significantly, reaching Rs 900 per sq.ft in 2007, a 32% increase from the previous revision. By 2012, the value jumped to Rs 3,000 per sq.ft, reflecting a substantial 233% increase. However, in 2017, the value fell to Rs 2,010 per sq.ft, a decrease of 33%. The latest revision in 2024 sees the guideline value rise again to Rs 3,300 per sq.ft, which is a 64% increase from 2017.

The register does not have a figure for Mekkapuram Street for the year 2023. Overall, from 2002 to 2024, the guideline value has increased by 439%.

Guideline values in Mylapore

In Mylapore village, there are 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. Mekkapuram Street's 2024 guideline value is below this median.

• Mekkapuram 4th Cross Street: Rs 3,300 per sq.ft (2024)
• Mekkapuram 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Mekkapuram 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Mekkapuram 1st Cross 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mekkapuram Street?

The Sub Registrar Office that covers Mekkapuram 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 plays a crucial role in the registration of property transactions in Mylapore. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher.

It is essential for buyers and sellers to be aware of the current guideline value to ensure accurate calculations of the fees involved in the transaction. This value is periodically revised to reflect changes in the real estate market.

Frequently asked questions

What is the current guideline value of Mekkapuram Street?

The current guideline value of Mekkapuram 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 significantly from Rs 612 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 439% over this period.

What is the stamp duty rate for properties in Mekkapuram Street?

The stamp duty rate for properties in Mekkapuram Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Mekkapuram Street located?

The Sub Registrar Office for Mekkapuram Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

Are there other streets with the same guideline value in Mylapore?

Yes, there are several other streets in Mylapore that share the same guideline value of Rs 3,300 per sq.ft, including Mekkapuram 4th Cross Street, Mekkapuram 3rd Cross Street, Mekkapuram 2nd Cross Street, Mekkapuram 1st Cross Street, and Meenambal Puram.