Guideline Value for Meenakshi Street

Meenakshi Street guideline value

The current guideline value of Meenakshi Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village under the Tambaram Joint 1 SRO and is classified as Residential Special Type - I.

How the guideline value of Meenakshi Street has changed

The guideline value for Meenakshi Street has seen several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 2,680 per sq.ft, marking a decrease of 33%. However, from 2017 to 2023, the value increased significantly to Rs 4,000 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 has set the value at Rs 4,400 per sq.ft, an increase of 10% from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for Meenakshi Street. Overall, comparing the values from 2012 to 2024, there has been a 10% increase.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, making Meenakshi Street's 2024 figure of Rs 4,400 per sq.ft above the median.

• Meenakshi Ist Street: Rs 4,400 per sq.ft (2024)
• Mayur Avenue: Rs 2,750 per sq.ft (2024)
• Mathuvar Street: Rs 1,320 per sq.ft (2024)
• Mathavan Naidu Main Road: Rs 1,650 per sq.ft (2024)
• Maruthuvar Street: Rs 2,750 per sq.ft (2024)
• Maruthupandiyar Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Meenakshi Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Meenakshi Street?

The Sub Registrar Office that covers Meenakshi Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government collects the appropriate stamp duty and registration fees based on this valuation.

When buying or selling property, the guideline value is compared with the sale price. The higher amount is used to calculate the stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Meenakshi Street?

The current guideline value of Meenakshi Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then back to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the land classification for Meenakshi Street?

Meenakshi Street is classified as Residential Special Type - I, indicating its intended use for residential purposes.

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

The Sub Registrar Office for Meenakshi Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059.

How is stamp duty calculated for properties in Chitlapakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, the stamp duty for a property valued at Rs 44,00,000 would be Rs 3,08,000 at the rate of 7%.