Guideline Value for Meenakshi Avenue

Meenakshi Avenue guideline value

The current guideline value of Meenakshi Avenue is Rs 1,980 per sq.ft, effective from 1 July 2024. This street is located in Perungalathur village, under the Padappai SRO, and is classified as Residential Class III Type - I.

How the guideline value of Meenakshi Avenue has changed

The guideline value for Meenakshi Avenue has undergone several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 250 per sq.ft. This increased significantly to Rs 1,800 per sq.ft in 2012, marking a 620% rise. However, it saw a decrease to Rs 1,206 per sq.ft in 2017, which was a 33% drop from the previous figure. The guideline value then rose to Rs 1,800 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the value at Rs 1,980 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002 and 2003 for Meenakshi Avenue. Overall, from the 2007 figure to the 2024 figure, there has been a substantial increase of 692% in the guideline value.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,310 per sq.ft, placing Meenakshi Avenue's 2024 figure below that median.

• Medo Villas: Rs 3,960 per sq.ft (2024)
• Meera Nagar: Rs 1,980 per sq.ft (2024)
• M.A.V.Ramraja Avenue: Rs 2,970 per sq.ft (2024)
• Metro Classic City: Rs 2,310 per sq.ft (2024)
• Masoothi Street: Rs 1,650 per sq.ft (2024)
• Mettu Theru: Rs 2,640 per sq.ft (2024)

Stamp duty and registration fee for property in Meenakshi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, making the total cost for these fees Rs 1,78,200. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Meenakshi Avenue?

The Sub Registrar Office that covers Meenakshi Avenue is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Perungalathur. It is used to determine the applicable stamp duty and registration fees, which are calculated based on the higher of the guideline value or the sale price of the property.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the current guideline value to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Meenakshi Avenue?

The current guideline value of Meenakshi Avenue is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,980 per sq.ft in 2024, reflecting a total increase of 692% over the years.

What is the registration office for Meenakshi Avenue?

The registration office for Meenakshi Avenue is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What are the stamp duty and registration fees for a property in Meenakshi Avenue?

For a property valued at Rs 19,80,000, the stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, totaling Rs 1,78,200.

How does the guideline value affect property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is essential for buyers and sellers to be aware of the current guideline value to understand the financial implications of their deals.