Guideline Value for Meenambal Road (Vivekananda Nagar)

Meenambal Road (Vivekananda Nagar) guideline value

The current guideline value of Meenambal Road (Vivekananda Nagar) is Rs 3,000 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Meenambal Road (Vivekananda Nagar) has changed

Over the years, the guideline value for Meenambal Road has seen several revisions. The 2012 revision set the value at Rs 2,800 per sq.ft, which was then reduced to Rs 1,876 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 2,800 per sq.ft, and the most recent revision in 2024 raised it further to Rs 3,000 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased significantly by 49%. The overall change from 2012 to 2024 shows a modest increase of 7%.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO with 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 Meenambal Road's 2024 figure above this median.

• Meenambal Salai (Krishnamoorthy Nagar): Rs 3,250 per sq.ft (2024)
• Meenakshi Street (M.R. Nagar): Rs 2,700 per sq.ft (2024)
• Meenakshi Street (Lakshmi amman Nagar): Rs 2,700 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 Meenambal Road (Vivekananda Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,000 per sq.ft, the total guideline value would be Rs 30,00,000. The stamp duty at 7% would amount to Rs 2,10,000, and the registration fee at 2% would be Rs 60,000, bringing the total fees together to Rs 2,70,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Meenambal Road (Vivekananda Nagar)?

The Sub Registrar Office covering Meenambal Road (Vivekananda Nagar) 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 Erukancherry

The guideline value is a crucial factor when registering a property in Erukancherry. It is used to determine the stamp duty and registration fees payable 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 registration office uses the guideline value to assess the applicable fees. This ensures that the transaction is recorded accurately and that the necessary taxes are collected based on the established values.

Frequently asked questions

What is the current guideline value of Meenambal Road?

The current guideline value of Meenambal Road (Vivekananda Nagar) is Rs 3,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then increased to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,000 per sq.ft in 2024.

What is the land classification of Meenambal Road?

Meenambal Road (Vivekananda Nagar) is classified as Residential Class I Type - I.

What are the stamp duty and registration fees for a property on Meenambal Road?

For a property valued at Rs 30,00,000, the stamp duty would be Rs 2,10,000 and the registration fee would be Rs 60,000, totaling Rs 2,70,000.

Which office handles registrations for Meenambal Road?

The Madhavaram Sub Registrar Office handles registrations for Meenambal Road (Vivekananda Nagar), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.