Guideline Value for Meenakshi Nagar

Meenakshi Nagar guideline value

The current guideline value of Meenakshi Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Meenakshi Nagar has changed

The guideline value register for Meenakshi Nagar shows no figures for the years 2002, 2003, 2007, 2012, 2017, and 2023. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft.

Since there are no figures available for the previous years, the only applicable value is from the 2024 revision. There have been no changes between the revisions above.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, which means Meenakshi Nagar's 2024 figure is below that median.

• Meigai Vinayagar Koil Street: Rs 1,650 per sq.ft (2024)
• Maruthi Nagar: Rs 1,650 per sq.ft (2024)
• Marudhi Street: Rs 1,650 per sq.ft (2024)
• M.G.R. Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 3rd Cross Street: Rs 2,200 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total of Rs 1,98,000. Please 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 details.

Which Sub Registrar Office covers Meenakshi Nagar?

Meenakshi Nagar falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It determines the amount of stamp duty and registration fees payable, which are calculated based on the guideline value or the sale price, whichever is higher.

When you register a property, the guideline value helps ensure that the transaction is documented at a fair price, reflecting the current market conditions. This value is essential for legal and financial purposes during the property transfer process.

Frequently asked questions

What is the current guideline value of Meenakshi Nagar?

The current guideline value of Meenakshi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

What land classification does Meenakshi Nagar fall under?

Meenakshi Nagar is classified as Residential Class II Type - I according to the guideline value register.

How has the guideline value changed over the years?

The guideline value register shows no figures for the years 2002, 2003, 2007, 2012, 2017, and 2023. The only applicable figure is from the 2024 revision, which is Rs 2,200 per sq.ft.

What are the stamp duty and registration fees for property in Meenakshi Nagar?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for Meenakshi Nagar located?

The Velacheri Sub Registrar Office, which covers Meenakshi Nagar, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.