Guideline Value for Meenambal Street

Meenambal Street guideline value

The current guideline value of Meenambal Street is Rs 550 per sq.ft, effective from 1 July 2024. This street is located in Manimangalam A village under the Padappai SRO and is classified as Residential Class III Type - I.

How the guideline value of Meenambal Street has changed

The guideline value for Meenambal Street has seen several revisions over the years. The earliest recorded revision is from 2017, where the value was Rs 335 per sq.ft. This figure increased to Rs 500 per sq.ft in 2023, and then to Rs 550 per sq.ft in the 2024 revision, marking a change of 49% from 2017 to 2023 and an overall increase of 64% from 2017 to 2024.

It is important to note that the register does not have figures for the years 2002, 2003, 2007, and 2012 for this street. The change from 2023 to 2024 represents a 10% increase in the guideline value.

Guideline values in Manimangalam A

In Manimangalam A, there are 112 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 2,500 per sq.ft, with a median value of Rs 880 per sq.ft. Meenambal Street's 2024 figure of Rs 550 per sq.ft is below this median.

• Marutham Royal Gardens: Rs 1,840 per sq.ft (2024)
• MGR Street: Rs 880 per sq.ft (2024)
• Mangalam Nagar: Rs 1,430 per sq.ft (2024)
• Manavalan Nagar: Rs 880 per sq.ft (2024)
• M.R.K. Nagar: Rs 880 per sq.ft (2024)
• MR Nagar: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Meenambal Street

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, making the total cost for these fees Rs 49,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Meenambal Street?

The Sub Registrar Office that covers Meenambal Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process of property transactions in Manimangalam A. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property in the area.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of Meenambal Street?

The current guideline value of Meenambal Street is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 335 per sq.ft in 2017 to Rs 550 per sq.ft in 2024, marking an overall increase of 64%. The value was Rs 500 per sq.ft in 2023.

What are the stamp duty and registration fees for properties on Meenambal Street?

For a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 and the registration fee would be Rs 11,000, totaling Rs 49,500. Duty is charged on the higher of the guideline value or the sale price.

Which office handles property registrations for Meenambal Street?

The Padappai Sub Registrar Office handles property registrations for Meenambal Street, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the median guideline value for streets in Manimangalam A?

The median guideline value for streets in Manimangalam A is Rs 880 per sq.ft. Meenambal Street's current value of Rs 550 per sq.ft is below this median.