Guideline Value for Meenakshi 2nd Cross Street

Meenakshi 2nd Cross Street guideline value

The current guideline value of Meenakshi 2nd Cross Street 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 2nd Cross Street has changed

Over the years, the guideline value of Meenakshi 2nd Cross Street has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then decreased to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023 and further to Rs 2,700 per sq.ft in 2024.

The changes between these revisions are notable. From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The latest revision from 2023 to 2024 reflects an increase of 8%. Overall, comparing the 2012 figure to the current 2024 figure, there is an increase of 8%.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Meenakshi 2nd Cross Street's 2024 figure above that median.

• Meenakshi 1st Cross St: 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 2nd Cross Street

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, totaling Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Meenakshi 2nd Cross Street?

The Sub Registrar Office covering Meenakshi 2nd Cross Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

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

When buying or selling property, it is essential to be aware of the guideline value as it may impact the overall cost of the transaction. Buyers should ensure that the sale price meets or exceeds the guideline value to avoid any complications during registration.

Frequently asked questions

What is the current guideline value of Meenakshi 2nd Cross Street?

The current guideline value of Meenakshi 2nd Cross Street 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 of Meenakshi 2nd Cross Street?

Meenakshi 2nd Cross Street is classified as Residential Class II Type - I.

What is the stamp duty for property in Meenakshi 2nd Cross Street?

The stamp duty for property in Meenakshi 2nd Cross Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.