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Guideline Value

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Guideline Value for Madurai Meenakshi Nagar - Selva Street

₹4950/sq.ft.

The guideline value for Madurai Meenakshi Nagar - Selva Street in Valasaravakkam village (Virugambakkam SRO, Chennai zone) is Rs 4950 per sq.ft, effective 1 July 2024. It was Rs 4500 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class I Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Valasaravakkam

Village

Virugambakkam

SRO

Residential Class I Type - I
History
Period Guideline Value
From 1-7-2024 ₹4950 /sq.ft.
From 1-4-2023 ₹4500 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹3015 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹4500 /sq.ft.
From 1-8-2007 To 31-3-2012 ₹750 /sq.ft.
From 1-4-2003 To 31-7-2007 ₹467 /sq.ft.
From 1-4-2002 To 31-3-2003 ₹429 /sq.ft.
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037
044-23641794
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Madurai Meenakshi Nagar - Selva Street

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Madurai Meenakshi Nagar - Selva Street guideline value

The current guideline value of Madurai Meenakshi Nagar - Selva Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Madurai Meenakshi Nagar - Selva Street has changed

The guideline value for Madurai Meenakshi Nagar - Selva Street has seen several revisions over the years. The earliest recorded value in 2002 was Rs 429 per sq.ft, which increased to Rs 467 per sq.ft in 2003, marking a 9% rise. By 2007, the value surged to Rs 750 per sq.ft, reflecting a significant increase of 61%. In 2012, the value rose to Rs 4,500 per sq.ft, a substantial jump of 500% from the previous revision. However, it then decreased to Rs 3,015 per sq.ft in 2017, showing a decline of 33%.

From 2017 to 2023, the guideline value increased by 49%, reaching Rs 4,500 per sq.ft. The latest revision in 2024 has set the value at Rs 4,950 per sq.ft, which is a 10% increase from the previous year. The overall change from 2002 to 2024 indicates a remarkable increase of 1,054% in the guideline value for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, placing the 2024 figure for Madurai Meenakshi Nagar - Selva Street above this median.

Stamp duty and registration fee for property in Madurai Meenakshi Nagar - Selva Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total cost to Rs 4,45,500. 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 Madurai Meenakshi Nagar - Selva Street?

The Sub Registrar Office that covers Madurai Meenakshi Nagar - Selva Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value is an essential factor when registering property transactions in Valasaravakkam. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property sales.

When a buyer or seller engages in a transaction, the guideline value serves as a benchmark. If the sale price of the property is higher than the guideline value, the duty is charged on the sale price instead. This process helps maintain transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Madurai Meenakshi Nagar - Selva Street?

The current guideline value of Madurai Meenakshi Nagar - Selva Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 429 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 1,054%.

What is the land classification for this street?

Madurai Meenakshi Nagar - Selva Street is classified as Residential Class I Type - I.

Where can I find the registration office for this area?

The registration office for Madurai Meenakshi Nagar - Selva Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 49,50,000, the stamp duty would be Rs 3,46,500 at 7%.