Guideline Value for Meenakshi Nagar

Meenakshi Nagar guideline value

The current guideline value of Meenakshi Nagar is Rs 400 per sq.ft, effective from 1 July 2024. This area is located in Salamangalam village, under the Sriperumpudur SRO, and is classified as Residential Class I Type - I.

How the guideline value of Meenakshi Nagar has changed

Meenakshi Nagar has seen several revisions in its guideline value over the years. The earliest recorded revision was in 2007, where the guideline value was Rs 50 per sq.ft. This value increased significantly to Rs 400 per sq.ft in 2012, and remained unchanged until the next revision in 2017, where it was set at Rs 268 per sq.ft. The 2023 revision maintained the value at Rs 400 per sq.ft, which has also been carried forward to the 2024 revision.

From 2007 to 2012, the guideline value increased by 700%. However, there was a decrease of 33% from 2012 to 2017. The value then saw a substantial increase of 49% from 2017 to 2023, and no change from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 700%.

Guideline values in Salamangalam

In Salamangalam, there are 59 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 3,100 per sq.ft. The median value for these streets is Rs 500 per sq.ft, placing Meenakshi Nagar's 2024 figure below that median.

• Mettu street: Rs 400 per sq.ft (2024)
• Muthamil Nagar: Rs 600 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 400 per sq.ft (2024)
• Om Sakthi Nagar: Rs 550 per sq.ft (2024)
• Padmavathy Nagar (Padmavathy Avenue): Rs 400 per sq.ft (2024)
• Kannan Nagar: Rs 550 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 400 per sq.ft, the total guideline value would be Rs 4,00,000. The stamp duty at 7% would amount to Rs 28,000, while the registration fee at 2% would be Rs 8,000, bringing the total cost for these fees to Rs 36,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Meenakshi Nagar?

The Sub Registrar Office that covers Meenakshi Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions within Salamangalam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of the guideline value to ensure that transactions comply with local regulations.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the state receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Meenakshi Nagar?

The current guideline value of Meenakshi Nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 50 per sq.ft in 2007 to Rs 400 per sq.ft in 2012, with various adjustments in between, including a decrease in 2017 before stabilizing at Rs 400 per sq.ft in 2023 and 2024.

What is the median guideline value for streets in Salamangalam?

The median guideline value for streets in Salamangalam is Rs 500 per sq.ft, with Meenakshi Nagar's value being below this median.

What are the registration fees for property in Meenakshi Nagar?

The registration fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Meenakshi Nagar located?

The Sub Registrar Office for Meenakshi Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.