Guideline Value for Meenakshi Nagar

Meenakshi Nagar guideline value

The current guideline value of Meenakshi Nagar, located in Nesapakkam village under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - II.

How the guideline value of Meenakshi Nagar has changed

The guideline value for Meenakshi Nagar has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 150 per sq.ft. This value increased to Rs 165 per sq.ft in 2003, followed by a significant rise to Rs 250 per sq.ft in 2007. In 2012, the value was Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in 2017. The next revision in 2023 saw the value rise again to Rs 2,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,750 per sq.ft.

Between the revisions, there have been notable changes. From 2002 to 2003, the increase was +10%. The 2007 to 2012 period saw a remarkable rise of +900%. However, from 2012 to 2017, there was a decrease of -33%. The value then increased by +49% from 2017 to 2023, and from 2023 to 2024, it rose by +10%. Overall, from 2002 to 2024, the guideline value has increased by +1733%.

Guideline values in Nesapakkam

In Nesapakkam, there are 148 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 7,150 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, making the guideline value of Meenakshi Nagar below this median.

• Navalar Nagar: Rs 2,750 per sq.ft (2024)
• Navalar Nagar - Annai Indhira Street: Rs 2,750 per sq.ft (2024)
• Navalar Nagar - Gandhi Street: Rs 2,750 per sq.ft (2024)
• Navalar Nagar - Kamarajar Street & Lane: Rs 2,750 per sq.ft (2024)
• N.S.C. Bose Street: Rs 3,300 per sq.ft (2024)
• Otrai Vadai Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Meenakshi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. 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?

The Sub Registrar Office that covers Meenakshi Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nesapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When registering a property, buyers must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and legally, reflecting the true value of the property being exchanged.

Frequently asked questions

What is the current guideline value of Meenakshi Nagar?

The current guideline value of Meenakshi Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value of Meenakshi Nagar changed over the years?

The guideline value has changed from Rs 150 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of +1733% over the years.

What is the classification of land in Meenakshi Nagar?

Meenakshi Nagar is classified as Residential Class II Type - II, which indicates its intended use for residential purposes.

Where is the Sub Registrar Office for Meenakshi Nagar located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is 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 27,50,000, the stamp duty at 7% would be Rs 1,92,500.