Guideline Value for Meenakshi Street (M.R. Nagar)

Meenakshi Street (M.R. Nagar) guideline value

The current guideline value of Meenakshi Street (M.R. Nagar) is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Meenakshi Street (M.R. Nagar) has changed

Over the years, the guideline value of Meenakshi Street (M.R. Nagar) has seen several revisions. In 2012, the guideline value was Rs 2,500 per sq.ft, which decreased to Rs 1,675 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023 and further rose to Rs 2,700 per sq.ft in 2024, marking an 8% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Comparing the overall changes from 2012 to 2024, the guideline value has increased by 8%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Meenakshi Street (M.R. Nagar) above this median.

• Meenakshi Street (Lakshmi amman Nagar): Rs 2,700 per sq.ft (2024)
• Meenambal Road (Vivekananda Nagar): Rs 3,000 per sq.ft (2024)
• Meenambal Salai (Krishnamoorthy Nagar): Rs 3,250 per sq.ft (2024)
• Meenakshi 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• Meenakshi 1st Cross St: Rs 2,700 per sq.ft (2024)
• M.E.S. Main Road: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Meenakshi Street (M.R. Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. It is essential 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 details.

Which Sub Registrar Office covers Meenakshi Street (M.R. Nagar)?

The Sub Registrar Office that covers Meenakshi Street (M.R. Nagar) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor in property transactions in Erukancherry, as it determines the minimum value at which a property can be registered. When a buyer purchases a property, the registration office uses the guideline value to calculate the applicable stamp duty and registration fees.

It is important for buyers and sellers to be aware of the current guideline value as it directly influences the costs associated with property transactions. Ensuring that the sale price is in line with or above the guideline value is essential for a smooth registration process.

Frequently asked questions

What is the current guideline value of Meenakshi Street (M.R. Nagar)?

The current guideline value of Meenakshi Street (M.R. Nagar) is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the land classification for Meenakshi Street (M.R. Nagar)?

Meenakshi Street (M.R. Nagar) is classified as Residential Class II Type - I.

Which Sub Registrar Office covers this street?

The Madhavaram Sub Registrar Office covers Meenakshi Street (M.R. Nagar), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Meenakshi Street (M.R. Nagar)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 1,89,000.