Guideline Value for Meenakshi Bharathi Co-operative Nagar Phase-II

Meenakshi Bharathi Co-operative Nagar Phase-II guideline value

The current guideline value of Meenakshi Bharathi Co-operative Nagar Phase-II is Rs 1,300 per sq.ft, effective from 1 July 2024. This locality is situated in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Meenakshi Bharathi Co-operative Nagar Phase-II has changed

Over the years, the guideline value for Meenakshi Bharathi Co-operative Nagar Phase-II has seen several revisions. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 1,200 per sq.ft, which was then increased to Rs 1,300 per sq.ft in the 2024 revision, marking an increase of 8%.

Prior to the 2023 revision, the register does not provide figures for the specified years. The most recent change reflects a positive adjustment in the guideline value, aligning with the overall trends in the area.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value of Meenakshi Bharathi Co-operative Nagar Phase-II is below this median.

• Meenakshi Bharathi Co-operative Nagar Phase-I: Rs 1,300 per sq.ft (2024)
• Medimix Road ( Ward No.18 ): Rs 1,300 per sq.ft (2024)
• Meenambal Avenue: Rs 2,700 per sq.ft (2024)
• M.D. Veera Swamy Nagar (Ward-03): Rs 1,300 per sq.ft (2024)
• M.D. Swamy Nagar (Ward-03): Rs 1,300 per sq.ft (2024)
• M.D.Swamy Nagar Rd ( Ward No.3 ): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Meenakshi Bharathi Co-operative Nagar Phase-II

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Meenakshi Bharathi Co-operative Nagar Phase-II?

The Sub Registrar Office that covers Meenakshi Bharathi Co-operative Nagar Phase-II is 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 Madhavaram

The guideline value is a critical factor during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is in line with government regulations.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. It is essential for buyers and sellers to be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Meenakshi Bharathi Co-operative Nagar Phase-II?

The current guideline value of Meenakshi Bharathi Co-operative Nagar Phase-II is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen revisions in 2023 and 2024, with the 2023 figure being Rs 1,200 per sq.ft and the 2024 figure increasing to Rs 1,300 per sq.ft, reflecting an 8% increase.

What is the land classification for Meenakshi Bharathi Co-operative Nagar Phase-II?

Meenakshi Bharathi Co-operative Nagar Phase-II is classified as Residential Class III Type - I, indicating its designation for residential use.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Meenakshi Bharathi Co-operative Nagar Phase-II is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty at 7% would be Rs 91,000.