Guideline Value for MENOD STREET

Menod Street guideline value

The current guideline value of Menod Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class III Type - III.

How the guideline value of Menod Street has changed

The guideline value for Menod Street has undergone several revisions over the years. In 2007, the value was Rs 1,800 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in 2012. However, this figure dropped to Rs 3,685 per sq.ft in 2017. The value then saw a substantial rise to Rs 5,500 per sq.ft in 2023, and currently stands at Rs 6,000 per sq.ft as of the 2024 revision.

Between the revisions, notable changes include a 206% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 9% increase from 2023 to 2024. The overall change from 2007 to 2024 is an increase of 233%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value is Rs 5,500 per sq.ft, placing Menod Street's 2024 value above this median.

• Medavakkam Tank Road: Rs 9,900 per sq.ft (2024)
• Medavakkam Tank 3rd Street: Rs 6,500 per sq.ft (2024)
• Medavakkam Tank 2nd Street: Rs 6,500 per sq.ft (2024)
• Medavakkam Tank 1st Street: Rs 6,500 per sq.ft (2024)
• Masudi Street: Rs 4,400 per sq.ft (2024)
• Millers Road: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Menod Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total charges to Rs 5,40,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Menod Street?

The Sub Registrar Office covering Menod Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process for property transactions in Purasaivakkam. It serves as a benchmark for determining the stamp duty and registration fees that buyers and sellers must pay when completing a property transaction.

When a property is sold, the guideline value is used to calculate the applicable duties. This ensures that the government receives the correct revenue based on the property's worth as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Menod Street?

The current guideline value of Menod Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, with various increases and decreases over the years.

What is the land classification of Menod Street?

Menod Street is classified as Residential Class III Type - III.

Where can I find the Sub Registrar Office for Menod Street?

The Sub Registrar Office for Menod Street is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the stamp duty calculated for properties in Menod Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value would be Rs 60,00,000.