Guideline Value for Meenakshi 1st Cross St

Meenakshi 1st Cross St guideline value

The current guideline value of Meenakshi 1st Cross St is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Meenakshi 1st Cross St has changed

The guideline value for Meenakshi 1st Cross St has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value increased to Rs 2,500 per sq.ft in 2023, and most recently, it has risen to Rs 2,700 per sq.ft in the 2024 revision, marking an 8% increase from the previous year.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023, while it decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, there has been an 8% increase in the guideline value. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Meenakshi 1st Cross St above this median value.

• Meenakshi 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• Meenakshi Street (Lakshmi amman Nagar): Rs 2,700 per sq.ft (2024)
• Meenakshi Street (M.R. Nagar): Rs 2,700 per sq.ft (2024)
• Meenambal Road (Vivekananda Nagar): Rs 3,000 per sq.ft (2024)
• Meenambal Salai (Krishnamoorthy Nagar): Rs 3,250 per sq.ft (2024)
• M.E.S. Main Road: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Meenakshi 1st Cross St

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more specific calculations.

Which Sub Registrar Office covers Meenakshi 1st Cross St?

The Sub Registrar Office that covers Meenakshi 1st Cross St is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For further details, you can find your SRO.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum price at which a property can be registered. When buying or selling property in Erukancherry, the guideline value helps ensure that the transaction is recorded accurately and fairly in the official records.

Additionally, the guideline value influences the stamp duty and registration fees that buyers must pay during the registration process. This means that understanding the guideline value is essential for anyone looking to navigate the real estate market in this area.

Frequently asked questions

What is the current guideline value of Meenakshi 1st Cross St?

The current guideline value of Meenakshi 1st Cross St is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the land classification for Meenakshi 1st Cross St?

Meenakshi 1st Cross St is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for this area?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which office handles registrations for Meenakshi 1st Cross St?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, handles registrations for Meenakshi 1st Cross St.