Guideline Value for Meenakshi Nagar

Meenakshi Nagar guideline value

The current guideline value of Meenakshi Nagar, located in Pammal village, is Rs 1,980 per sq.ft as per the 2024 revision, effective from 1 July 2024. This area falls under the Pammal SRO and is classified as Residential Class II Type - II.

How the guideline value of Meenakshi Nagar has changed

The guideline value of Meenakshi Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 201 per sq.ft, which increased to Rs 233 per sq.ft in 2003, marking a 16% rise. The value continued to grow, reaching Rs 360 per sq.ft in 2007, a 55% increase from the previous revision. By 2017, the value had risen to Rs 1,206 per sq.ft, reflecting a substantial 235% increase from 2007. In 2023, the guideline value was Rs 1,800 per sq.ft, which was a 49% increase from 2017. The latest revision in 2024 set the value at Rs 1,980 per sq.ft, a 10% increase from 2023.

There is no figure available for the 2012 revision for this street. Overall, from 2002 to 2024, the guideline value has increased by 885%.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO that have a 2024 guideline value ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for this area is Rs 2,090 per sq.ft, placing Meenakshi Nagar's 2024 figure below this median.

• Meenakshi Street: Rs 1,980 per sq.ft (2024)
• Meenakshi Sundaram Street / Kalanyipuram: Rs 1,980 per sq.ft (2024)
• Meenakshi Sundaram Street, Nagelkeni: Rs 1,980 per sq.ft (2024)
• MC Raja Street, Nagelkeni: Rs 1,980 per sq.ft (2024)
• Meenambal Street / Nagalkeni: Rs 1,980 per sq.ft (2024)
• Mayor Chittibabu Street / Hindustan Lever Colony: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in Meenakshi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total to Rs 1,78,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Meenakshi Nagar?

Meenakshi Nagar falls under the jurisdiction of the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during property transactions in Pammal. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers should be aware that the guideline value is used to calculate these costs, ensuring compliance with local regulations.

When registering a property, the guideline value helps in establishing a fair price for taxation purposes. It is essential for both parties involved in the transaction to understand the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Meenakshi Nagar?

The current guideline value of Meenakshi Nagar is Rs 1,980 per sq.ft as per the 2024 revision, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 201 per sq.ft in 2002 to Rs 1,980 per sq.ft in 2024, representing an overall increase of 885% over the years.

What is the land classification of Meenakshi Nagar?

Meenakshi Nagar is classified as Residential Class II Type - II, which is relevant for determining the applicable guidelines and regulations for property transactions.

Where can I find the Sub Registrar Office for Meenakshi Nagar?

The Sub Registrar Office covering Meenakshi Nagar is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 19,80,000, the stamp duty would be Rs 1,38,600 at 7%.