Guideline Value for Madurai Meenakshi Nagar

Madurai Meenakshi Nagar guideline value

The current guideline value of Madurai Meenakshi Nagar is Rs 200 per sq.ft, effective from 1 July 2024. This area is located in Palnalloor village and falls under the Sunguvarchattram SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Madurai Meenakshi Nagar has changed

Looking at the historical revisions, the guideline value for Madurai Meenakshi Nagar was Rs 200 per sq.ft in 2023, which remained unchanged in the 2024 revision. Prior to that, in 2017, the guideline value was Rs 134 per sq.ft, showing a significant increase of 49% to reach the 2023 figure. The 2012 revision also recorded a guideline value of Rs 200 per sq.ft, indicating a decrease of 33% from the 2017 figure.

Overall, comparing the 2012 revision to the current 2024 revision, the guideline value has remained constant at Rs 200 per sq.ft. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Palnalloor

In Palnalloor, there are 34 streets under the Sunguvarchattram SRO that carry a 2024 guideline value figure, ranging from Rs 175 to Rs 471 per sq.ft. The median value across these streets is Rs 200 per sq.ft, which aligns with the guideline value of Madurai Meenakshi Nagar.

• MahaGanapathy Street: Rs 250 per sq.ft (2024)
• Maruthi Nagar: Rs 200 per sq.ft (2024)
• Mathakovil Street: Rs 175 per sq.ft (2024)
• Mettu Street: Rs 175 per sq.ft (2024)
• Moorthi Nagar: Rs 200 per sq.ft (2024)
• Kalashetra Nagar: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Madurai Meenakshi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the total guideline value would be Rs 2,00,000. The stamp duty at 7% would amount to Rs 14,000, and the registration fee at 2% would be Rs 4,000, bringing the total fees to Rs 18,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madurai Meenakshi Nagar?

The Sub Registrar Office that covers Madurai Meenakshi Nagar is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Palnalloor. It serves as a benchmark for determining the stamp duty and registration fees payable at the time of sale, ensuring that both buyers and sellers are aware of the financial obligations involved.

When buying or selling property, the guideline value helps in establishing a clear and standardized pricing structure. This ensures that the registration process is transparent and that all parties are informed of the applicable fees based on the established guideline values.

Frequently asked questions

What is the current guideline value for Madurai Meenakshi Nagar?

The current guideline value for Madurai Meenakshi Nagar is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 200 per sq.ft from 2012 to 2024, with a significant increase from Rs 134 per sq.ft in 2017 to Rs 200 in 2023. There are no figures available for the years 2002, 2003, and 2007.

What is the land classification for Madurai Meenakshi Nagar?

The land classification for Madurai Meenakshi Nagar is Residential Class II Type - I, indicating its suitability for residential purposes.

How is stamp duty calculated in Madurai Meenakshi Nagar?

Stamp duty in Madurai Meenakshi Nagar is calculated based on the higher of the guideline value or the sale price. For example, a plot valued at Rs 2,00,000 incurs a stamp duty of Rs 14,000 at a rate of 7%.

Where can I find the Sub Registrar Office for Madurai Meenakshi Nagar?

The Sub Registrar Office for Madurai Meenakshi Nagar is located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone. You can find more information by visiting the relevant link.