Guideline Value for Meganathan Salai

Meganathan Salai guideline value

The current guideline value of Meganathan Salai is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village, under the Sembiam Sub Registrar Office, and falls under the Residential Class II Type - I land classification.

How the guideline value of Meganathan Salai has changed

The guideline value for Meganathan Salai has seen several revisions over the years. Starting from Rs 158 per sq.ft in 2002, it increased to Rs 172 per sq.ft in 2003, marking a 9% rise. The value then surged to Rs 700 per sq.ft in 2007, reflecting a significant increase of 307%. In 2012, the value was revised to Rs 2,500 per sq.ft, which was a 257% increase from the previous revision. However, in 2017, it decreased to Rs 1,675 per sq.ft, a drop of 33% from 2012. The most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft, representing a 61% increase from 2017. Notably, there is no figure available for the year 2023 in the register for this street.

Guideline values in Kolathur

In Kolathur village, there are 879 streets under the Sembiam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, indicating that the guideline value for Meganathan Salai is below this median.

• Meenakshi Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Meenakshi Nagar: Rs 2,200 per sq.ft (2024)
• Mettu Lane: Rs 2,700 per sq.ft (2024)
• Mettu Street: Rs 2,700 per sq.ft (2024)
• Mettu Street 1st Lane: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 1st Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Meganathan Salai

For a 1,000 sq.ft plot at the current rate of Rs 2,700 per sq.ft, the guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, totaling 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 use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Meganathan Salai?

The Sub Registrar Office that covers Meganathan Salai is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Kolathur, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price, as the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately and transparently. It serves as a benchmark for the registration process, helping to maintain consistency and fairness in property dealings within the region.

Frequently asked questions

What is the current guideline value of Meganathan Salai?

The current guideline value of Meganathan Salai 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 significantly from Rs 158 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, with various increases and decreases across the revisions.

Where can I find the Sub Registrar Office for Meganathan Salai?

The Sub Registrar Office for Meganathan Salai is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the stamp duty rate for properties in Meganathan Salai?

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

What are other streets in Kolathur with similar guideline values?

Other streets in Kolathur, such as Meenakshi Nagar 1st Street and Mettu Lane, also have a guideline value of Rs 2,700 per sq.ft in 2024, indicating similar valuation in the area.