Guideline Value for Mahameru Nagar

Mahameru Nagar guideline value

The current guideline value of Mahameru Nagar, located in Padiyanallur village under the Redhills SRO, is Rs 660 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Mahameru Nagar has changed

The guideline value for Mahameru Nagar has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 42 per sq.ft. This increased significantly to Rs 300 per sq.ft in 2007, marking a change of +614%. The value remained at Rs 600 per sq.ft in 2012, which was a decrease of -33%. By the 2017 revision, the guideline value rose to Rs 402 per sq.ft, an increase of +49% from the previous revision. The 2023 revision set the value at Rs 600 per sq.ft, which then increased to Rs 660 per sq.ft in the 2024 revision, reflecting a change of +10%.

It is important to note that there is no figure available for Mahameru Nagar in the 2002 revision. Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by +1,471%.

Guideline values in Padiyanallur

Padiyanallur village has 132 streets under the Redhills SRO, with guideline values in 2024 ranging from Rs 385 to Rs 2,750 per sq.ft. The median guideline value for these streets is Rs 770 per sq.ft, placing Mahameru Nagar's 2024 figure below that median.

• Mahameru Nagar Extn.: Rs 660 per sq.ft (2024)
• Mahalakshmi Nagar 3rd Street: Rs 660 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 2,750 per sq.ft (2024)
• M.A.Nagar Varadarasanar Street: Rs 770 per sq.ft (2024)
• Maraimalai Adigal Street: Rs 770 per sq.ft (2024)
• Marudhupandiar Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Mahameru Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, while the registration fee at 2% would be Rs 13,200. Together, the total cost for these fees would be Rs 59,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahameru Nagar?

The Sub Registrar Office that covers Mahameru Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Padiyanallur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with the registration requirements.

When a property is registered, the guideline value is used to assess the applicable duties. This means that the fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahameru Nagar?

The current guideline value of Mahameru Nagar is Rs 660 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased significantly over the years, from Rs 42 per sq.ft in 2003 to Rs 660 per sq.ft in 2024, representing an overall increase of +1,471%.

What is the registration fee for property in Mahameru Nagar?

The registration fee for property in Mahameru Nagar is calculated at 2% of the guideline value. For a plot valued at Rs 6,60,000, the registration fee would be Rs 13,200.

Where is the Sub Registrar Office for Mahameru Nagar located?

The Sub Registrar Office for Mahameru Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in Padiyanallur?

Stamp duty for properties in Padiyanallur is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 6,60,000, the stamp duty would be Rs 46,200.