Guideline Value for Meenambal Avenue

Meenambal Avenue guideline value

The current guideline value of Meenambal Avenue is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Special Type - I.

How the guideline value of Meenambal Avenue has changed

The guideline value of Meenambal Avenue has seen several revisions over the years. In 2012, the value was Rs 2,500 per sq.ft, which then 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 now stands at Rs 2,700 per sq.ft in the 2024 revision. The revisions for the years 2002, 2003, and 2007 do not have any figures recorded for this street.

From 2012 to 2017, there was a decrease of 33%, followed by a substantial increase of 49% from 2017 to 2023. The change from 2023 to 2024 reflects an increase of 8%. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for the area is Rs 1,600 per sq.ft, making Meenambal Avenue's 2024 figure of Rs 2,700 per sq.ft above this median.

• Meenatchi Bharathi Co-Op Society (Ward-02): Rs 1,300 per sq.ft (2024)
• Meenatchi Bharathy Co-Op Nagar (Ward-01): Rs 1,300 per sq.ft (2024)
• Meenakshi Bharathi Co-operative Nagar Phase-II: Rs 1,300 per sq.ft (2024)
• Meenakshi Bharathi Co-operative Nagar Phase-I: Rs 1,300 per sq.ft (2024)
• Mehta Nagar (Ward-16): Rs 1,300 per sq.ft (2024)
• Medimix Road ( Ward No.18): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Meenambal Avenue

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, while the registration fee at 2% would be Rs 54,000. Together, these fees would total Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Meenambal Avenue?

The Sub Registrar Office that covers Meenambal Avenue is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering a property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the stamp duty, which is charged on the higher of the guideline value or the sale price. This ensures that the fees collected are reflective of the property's value as determined by the local authorities.

Frequently asked questions

What is the current guideline value of Meenambal Avenue?

The current guideline value of Meenambal Avenue 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 to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,700 per sq.ft in 2024.

What is the land classification of Meenambal Avenue?

Meenambal Avenue is classified as Residential Special Type - I, indicating its suitability for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Meenambal Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 27,00,000 would incur a stamp duty of Rs 1,89,000 at 7%.