Guideline Value for Meenakshi Nagar 1st Street

Meenakshi Nagar 1st Street guideline value

The current guideline value of Meenakshi Nagar 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Class II Type - I.

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

Over the years, the guideline value of Meenakshi Nagar 1st Street has seen several revisions. The earliest recorded figure is from 2007, which was Rs 1,000 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a 150% increase. However, there were no recorded figures for the revisions in 2002, 2003, and 2017.

In 2023, the guideline value remained unchanged at Rs 2,500 per sq.ft. The most recent revision in 2024 saw an increase to Rs 2,700 per sq.ft, reflecting an 8% rise from the previous year. Overall, from 2007 to 2024, the guideline value has increased by 170%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Meenakshi Nagar 1st Street is below this median.

• Meenakshi Nagar: Rs 2,200 per sq.ft (2024)
• Meganathan Salai: Rs 2,700 per sq.ft (2024)
• Mettu Lane: Rs 2,700 per sq.ft (2024)
• Mettu Street: Rs 2,700 per sq.ft (2024)
• Mettu Street 1st Lane: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 1st Street: Rs 2,700 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 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, leading to a total cost of 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.

You can calculate your own fees using 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 Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a critical factor during property transactions in Kolathur. It serves as a benchmark for determining the minimum value at which properties can be registered. This value is essential for calculating the applicable stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair price, reflecting the local market conditions. Buyers and sellers should be aware of the guideline value to ensure compliance with registration requirements.

Frequently asked questions

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

The current guideline value of Meenakshi Nagar 1st 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 1,000 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, marking an overall increase of 170%.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000, and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

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

The land classification for Meenakshi Nagar 1st Street is Residential Class II Type - I.