Guideline Value for Meenatchi Nagar

Meenatchi Nagar guideline value

The current guideline value of Meenatchi Nagar, located in Virugambakkam village under the Virugambakkam SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class IV Type - I.

How the guideline value of Meenatchi Nagar has changed

The guideline value for Meenatchi Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 196 per sq.ft. This increased to Rs 217 per sq.ft in 2003, marking an increase of approximately 11%. The value then rose to Rs 500 per sq.ft in 2007, reflecting a substantial increase of 130%. Following this, the guideline value dropped to Rs 3,000 per sq.ft in 2012, a decrease of 33%. In 2017, the value increased to Rs 2,010 per sq.ft, and then it rose to Rs 3,000 per sq.ft in 2023, before reaching the current value of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,584%. Notably, there are no figures available for the revisions in the years not listed above.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Meenatchi Nagar's current figure below this median.

• Mariyamman Koil Street: Rs 3,850 per sq.ft (2024)
• Mariyamman Koil Cross Street: Rs 3,850 per sq.ft (2024)
• M.G. Samy Nagar: Rs 3,850 per sq.ft (2024)
• Munusamy Road ( Near Prasad Colour Lab): Rs 8,800 per sq.ft (2024)
• Munuswamy Street (S.No 38): Rs 4,400 per sq.ft (2024)
• Murugesan Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Meenatchi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Meenatchi Nagar?

The Sub Registrar Office that covers Meenatchi Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the eyes of the law. It is essential to note that the final registration fee is based on the higher of the guideline value or the actual sale price, ensuring that the transaction is recorded accurately.

Frequently asked questions

What is the current guideline value of Meenatchi Nagar?

The current guideline value of Meenatchi Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 196 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1,584% over the years.

What is the stamp duty rate for properties in Meenatchi Nagar?

The stamp duty rate for properties in Meenatchi Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Meenatchi Nagar located?

The Sub Registrar Office for Meenatchi Nagar is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the median guideline value for streets in Virugambakkam?

The median guideline value for streets in Virugambakkam is Rs 4,400 per sq.ft, while Meenatchi Nagar's current guideline value is below this median.