Guideline Value for Meenakshi Amman Nagar

Meenakshi Amman Nagar guideline value

The current guideline value of Meenakshi Amman Nagar is Rs 500 per sq.ft, effective from 1 July 2024. This locality is situated in Orathur village, under the jurisdiction of the Gooduvancheri SRO, and is classified as Residential Special Type - II.

How the guideline value of Meenakshi Amman Nagar has changed

Over the years, the guideline value for Meenakshi Amman Nagar has seen several revisions. The earliest recorded figure is from 2007, when the value was Rs 150 per sq.ft. This increased to Rs 500 per sq.ft in 2012, showing a significant rise of 233%. However, in 2017, the value dropped to Rs 335 per sq.ft, marking a decrease of 33%. The value then increased again to Rs 500 per sq.ft in 2023, remaining unchanged in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%. The overall change from 2007 to 2024 is an increase of 233%. Notably, there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Orathur

In Orathur, a total of 80 streets fall under the Gooduvancheri SRO, with 2024 guideline values ranging from Rs 335 to Rs 1,700 per sq.ft. The median value for these streets is Rs 500 per sq.ft, which aligns with the guideline value of Meenakshi Amman Nagar.

• Maniyammai Nagar Phase-III: Rs 500 per sq.ft (2024)
• Maniyammai Nagar: Rs 505 per sq.ft (2024)
• M.K.R. Nagar: Rs 500 per sq.ft (2024)
• Muthu Nagar: Rs 400 per sq.ft (2024)
• Kumarasami Garden Phase - II: Rs 896 per sq.ft (2024)
• Kumarasaamy Garden: Rs 896 per sq.ft (2024)

Stamp duty and registration fee for property in Meenakshi Amman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty is charged at 7%, which totals Rs 35,000, and the registration fee at 2% amounts to Rs 10,000. Therefore, the total cost for stamp duty and registration fee would be Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Meenakshi Amman Nagar?

The Sub Registrar Office that covers Meenakshi Amman Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Orathur. It serves as a benchmark for determining the minimum value of a property, which is essential for calculating stamp duty and registration fees. Buyers and sellers should be aware that the guideline value is legally recognized and must be adhered to during property transactions.

When registering a property, the guideline value will be compared to the sale price, and the higher of the two will be used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value of Meenakshi Amman Nagar?

The current guideline value of Meenakshi Amman Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 150 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then decreased to Rs 335 per sq.ft in 2017, and returned to Rs 500 per sq.ft in 2023 and 2024.

What is the classification of land in Meenakshi Amman Nagar?

The land in Meenakshi Amman Nagar is classified as Residential Special Type - II.

Where can I find the registration office for Meenakshi Amman Nagar?

The registration office for Meenakshi Amman Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is stamp duty calculated for property in Meenakshi Amman Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 5,00,000, the stamp duty at 7% would amount to Rs 35,000, along with a registration fee of Rs 10,000, totaling Rs 45,000.