Guideline Value for Meerali street

Meerali street guideline value

The current guideline value of Meerali street in Muthialpet village is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class II Type - I.

How the guideline value of Meerali street has changed

In the 2007 revision, the guideline value was Rs 2,000 per sq.ft. This figure saw a significant increase to Rs 5,000 per sq.ft in the 2012 revision, marking a rise of 150%. However, in the 2017 revision, the value decreased to Rs 3,350 per sq.ft, a drop of 33%. The value then increased to Rs 5,000 per sq.ft in 2023, followed by a further increase to Rs 5,500 per sq.ft in the 2024 revision, which is a rise of 10%.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 175%. The revisions for the years 2002 and 2003 have no figures listed for Meerali street.

Guideline values in Muthialpet

In Muthialpet village, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median guideline value is Rs 5,500 per sq.ft, which is equal to the current value of Meerali street.

• Meerali lane: Rs 4,900 per sq.ft (2024)
• Mettu street: Rs 5,500 per sq.ft (2024)
• Maracoir street: Rs 5,500 per sq.ft (2024)
• Mannady street: Rs 14,800 per sq.ft (2024)
• Mooker Nallamuthu street: Rs 18,000 per sq.ft (2024)
• Moore street: Rs 15,900 per sq.ft (2024)

Stamp duty and registration fee for property in Meerali street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty, charged at 7%, would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, resulting in a total of Rs 4,95,000. It is important to note that the 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 details.

Which Sub Registrar Office covers Meerali street?

The Sub Registrar Office that covers Meerali street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Muthialpet. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration requirements.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that all legal obligations are met during the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Meerali street?

The current guideline value of Meerali street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 175% over the years.

What are the stamp duty and registration fees for property in Meerali street?

For a property valued at Rs 55,00,000, the stamp duty is Rs 3,85,000 and the registration fee is Rs 1,10,000, totaling Rs 4,95,000.

Which office handles the registration for Meerali street?

The Chennai North Joint I Sub Registrar Office handles the registration for Meerali street, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value for properties. It is essential for calculating stamp duty and registration fees during property transactions in Muthialpet.