Guideline Value for Madurai Meenatchi Amman Street

Madurai Meenatchi Amman Street guideline value

The current guideline value of Madurai Meenatchi Amman 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 falls under the Residential Class I Type - I land classification.

How the guideline value of Madurai Meenatchi Amman Street has changed

The guideline value for Madurai Meenatchi Amman Street has seen several revisions over the years. In 2002, the value was Rs 404 per sq.ft, which increased to Rs 439 per sq.ft in 2003, marking a 9% rise. The value then rose significantly to Rs 750 per sq.ft in 2007, reflecting a 71% increase. Following this, the value surged to Rs 4,500 per sq.ft in 2012, a remarkable increase of 500%. However, it decreased to Rs 3,015 per sq.ft in 2017, showing a decline of 33%. The value then increased to Rs 4,500 per sq.ft in 2023, and most recently, it has risen to Rs 4,950 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,125%. There are no figures available for the revisions in years not listed 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 in this village is Rs 3,850 per sq.ft, making the current value of Madurai Meenatchi Amman Street above the median.

• Madurai Meenakshi Nagar - Thirumurugan Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Thirumurugan 3rd Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Thirumurugan 2nd Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Thirumurugan 1st Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Seyon Street: Rs 4,950 per sq.ft (2024)
• Madurai Perumal Nagar: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Madurai Meenatchi Amman 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, making the total cost for these fees Rs 4,45,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Madurai Meenatchi Amman Street?

The Sub Registrar Office that covers Madurai Meenatchi Amman 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 more information.

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

The guideline value is a critical factor in property transactions in Valasaravakkam, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

During the registration process, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the sale.

Frequently asked questions

What is the current guideline value of Madurai Meenatchi Amman Street?

The current guideline value of Madurai Meenatchi Amman 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 changed multiple times, starting from Rs 404 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting a significant overall increase of 1,125% over the years.

What is the land classification for Madurai Meenatchi Amman Street?

Madurai Meenatchi Amman Street is classified as Residential Class I Type - I, which indicates its designation for residential use.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are 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 guideline value, the total fees would amount to Rs 4,45,500.