Guideline Value for Meenakshi Nagar 3rd Street

Meenakshi Nagar 3rd Street guideline value

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

How the guideline value of Meenakshi Nagar 3rd Street has changed

The guideline value for Meenakshi Nagar 3rd Street has undergone several revisions over the years. The earliest available figure is from 2012, which was Rs 3,600 per sq.ft. This value decreased to Rs 2,412 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 3,600 per sq.ft. The latest revision in 2024 shows a further increase of 10%, resulting in the current guideline value of Rs 3,960 per sq.ft.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, comparing the 2012 figure to the 2024 figure, there has been an increase of 10% 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 value for these streets is Rs 3,960 per sq.ft, which is equal to the current guideline value for Meenakshi Nagar 3rd Street.

• Meenakshi Nagar 2nd Street: Rs 3,960 per sq.ft (2024)
• Meenakshi Nagar 4th Street: Rs 3,960 per sq.ft (2024)
• Meenakshi Nagar 1st 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 3rd 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 cost Rs 3,56,400. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Meenakshi Nagar 3rd Street?

The Meenakshi Nagar 3rd Street falls under 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 an essential factor in the registration process when buying or selling property in Porur. It serves as a benchmark for calculating the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Meenakshi Nagar 3rd Street?

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

How has the guideline value changed over the years?

Over the years, the guideline value has changed from Rs 3,600 in 2012 to Rs 2,412 in 2017, then increased to Rs 3,600 in 2023, and finally to Rs 3,960 in 2024.

What is the land classification for Meenakshi Nagar 3rd Street?

The land classification for Meenakshi Nagar 3rd Street is Residential Special Type - I.

Where can I find the registration office for Meenakshi Nagar 3rd Street?

The registration office for Meenakshi Nagar 3rd 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 3rd Street?

The stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 2,77,200.