Guideline Value for Meenakshi Nagar 2nd Street

Meenakshi Nagar 2nd Street guideline value

The current guideline value of Meenakshi Nagar 2nd 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 2nd Street has changed

Over the years, the guideline value of Meenakshi Nagar 2nd Street has seen significant revisions. The 2012 revision recorded a value of Rs 3,600 per sq.ft, which then decreased to Rs 2,412 per sq.ft in 2017. However, from 2017 to 2023, the value increased by 49% to Rs 3,600 per sq.ft, and the latest revision in 2024 has brought the value to Rs 3,960 per sq.ft, marking a 10% rise from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. The overall change from 2012 to 2024 indicates a 10% increase in the guideline value.

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 for these streets is Rs 3,960 per sq.ft, which is equal to the current value of Meenakshi Nagar 2nd Street.

• Meenakshi Nagar 3rd Street: Rs 3,960 per sq.ft (2024)
• Meenakshi Nagar 1st Street: Rs 3,960 per sq.ft (2024)
• Meenakshi Nagar 4th Street: Rs 3,960 per sq.ft (2024)
• Meenakshi Nagar: 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 2nd 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, while the registration fee at 2% would be Rs 79,200, bringing the total cost for these fees to Rs 3,56,400. 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 Nagar 2nd Street?

The Sub Registrar Office that covers Meenakshi Nagar 2nd Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

The guideline value is an essential factor in the registration process when buying or selling property in Porur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the authorities will use the guideline value to calculate the stamp duty, ensuring that it reflects the current market conditions and property classifications. This helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Meenakshi Nagar 2nd Street?

The current guideline value of Meenakshi Nagar 2nd Street is Rs 3,960 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,600 per sq.ft in 2023 to Rs 3,960 per sq.ft in 2024, which is a 10% increase. It was Rs 2,412 per sq.ft in 2017 and Rs 3,600 per sq.ft in 2012, showing a significant increase over the years.

What is the land classification of Meenakshi Nagar 2nd Street?

Meenakshi Nagar 2nd Street is classified as Residential Special Type - I, indicating its suitability for residential development.

Where can I find the registration office for Meenakshi Nagar 2nd Street?

The registration office for Meenakshi Nagar 2nd Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the stamp duty calculated for properties in Meenakshi Nagar 2nd Street?

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