Guideline Value for MYANA SALAI

Myana Salai guideline value

The current guideline value of Myana Salai, located in Chemmancheri village under the Neelankarai SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Myana Salai has changed

The guideline value for Myana Salai has undergone several revisions over the years. Starting from Rs 171 per sq.ft in 2003, the value increased significantly to Rs 500 per sq.ft in 2007, marking a 192% rise. The value then jumped to Rs 1,000 per sq.ft in 2012, reflecting a 100% increase from the previous revision. However, it decreased to Rs 670 per sq.ft in 2017, a decline of 33%.

In 2023, the guideline value rose to Rs 1,000 per sq.ft, and in the latest revision for 2024, it increased to Rs 1,100 per sq.ft, which is a 10% increase. Overall, from 2003 to 2024, the guideline value has increased by 543%. The register has no figure for the year 2002 for this street.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 6,600 per sq.ft, with a median value of Rs 1,700 per sq.ft. The guideline value of Myana Salai is below this median.

• Nagaiah Salai @ Myana Salai: Rs 1,700 per sq.ft (2024)
• Nagarajan Garden: Rs 1,700 per sq.ft (2024)
• Nandagopal Garden: Rs 1,100 per sq.ft (2024)
• Nasin Ghoose Garden: Rs 3,300 per sq.ft (2024)
• Munsif Sundaram Avenue: Rs 4,900 per sq.ft (2024)
• Mumthaj Garden: Rs 1,800 per sq.ft (2024)

Stamp duty and registration fee for property in Myana Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total fees to Rs 99,000. It is important to note that 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 Myana Salai?

The Sub Registrar Office that covers Myana Salai is 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 is crucial when buying or selling property in Chemmancheri, as it determines the minimum value at which a property can be registered. This value is used to calculate stamp duty and registration fees, which are mandatory during property transactions.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Myana Salai?

The current guideline value of Myana Salai is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 171 per sq.ft in 2003 to Rs 1,100 per sq.ft in 2024, reflecting significant increases and a few decreases over the years.

What is the land classification for Myana Salai?

Myana Salai is classified as Residential Class IV Type - II.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Myana Salai?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 at 7%.