Guideline Value for Meenakshi Nagar 1st Street

Meenakshi Nagar 1st Street guideline value

The current guideline value of Meenakshi Nagar 1st Street is Rs 3,960 per sq.ft, effective from 1 July 2024. This street is located in Porur village under the Kunrathur SRO and is classified as Residential Special Type - I.

How the guideline value of Meenakshi Nagar 1st Street has changed

Looking at the historical revisions, the guideline value for Meenakshi Nagar 1st Street has seen significant changes over the years. The 2012 revision set the value at Rs 3,600 per sq.ft, which was a decrease of 33% from the previous revision in 2017, where the value was Rs 2,412 per sq.ft. The value remained at Rs 3,600 per sq.ft in 2023, before increasing by 10% to Rs 3,960 per sq.ft in the 2024 revision.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Porur

In Porur, there are 530 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 2,860 to Rs 6,380 per sq.ft. The median guideline value is Rs 3,960 per sq.ft, which is the same as the current value for Meenakshi Nagar 1st Street.

• Meenakshi Nagar: Rs 3,960 per sq.ft (2024)
• Meenakshi Nagar 2nd Street: Rs 3,960 per sq.ft (2024)
• Meenakshi Nagar 3rd Street: Rs 3,960 per sq.ft (2024)
• Meenakshi Nagar 4th Street: Rs 3,960 per sq.ft (2024)
• Meiyammai Street: Rs 4,290 per sq.ft (2024)
• Melpallikuppam Elumalai Street: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in Meenakshi Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,960 per sq.ft, the total guideline value would be Rs 39,60,000. The stamp duty at 7% would amount to Rs 2,77,200, and the registration fee at 2% would be Rs 79,200, making the total charges Rs 3,56,400. It is important to note that 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 Nagar 1st Street?

The Sub Registrar Office that covers Meenakshi Nagar 1st Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Porur. It determines the amount of stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the government registry.

When a property is sold, the guideline value serves as a benchmark to assess the transaction value. If the sale price is higher than the guideline value, the duty is calculated based on the sale price, ensuring compliance with legal requirements.

Frequently asked questions

What is the current guideline value for Meenakshi Nagar 1st Street?

The current guideline value for Meenakshi Nagar 1st Street is Rs 3,960 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 3,600 per sq.ft in 2012 to Rs 3,960 per sq.ft in 2024, reflecting a 10% increase overall.

What is the land classification for Meenakshi Nagar 1st Street?

Meenakshi Nagar 1st Street is classified as Residential Special Type - I under the Kunrathur SRO.

Where can I find the registration office for Meenakshi Nagar 1st Street?

The registration office for Meenakshi Nagar 1st Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for properties in Meenakshi Nagar 1st Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 39,60,000, the stamp duty at 7% would be Rs 2,77,200.