Guideline Value for Meigai Vinayagar Koil Street

Meigai Vinayagar Koil Street guideline value

The current guideline value for Meigai Vinayagar Koil Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - II.

How the guideline value of Meigai Vinayagar Koil Street has changed

The guideline value register shows no figures for Meigai Vinayagar Koil Street for the years 2002, 2003, 2007, 2012, 2017, and 2023. The latest revision in 2024 sets the guideline value at Rs 1,650 per sq.ft.

There have been no changes in the guideline value between the revisions listed above. The 2024 figure is the only available value for this street, as previous years do not have any registered figures.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for the area is Rs 2,750 per sq.ft, placing Meigai Vinayagar Koil Street's 2024 figure below this median.

• Meenakshi Nagar: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Nagar 3rd Cross Street (MGR Nagar 2nd Street): Rs 2,200 per sq.ft (2024)
• Maruthi Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Meigai Vinayagar Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making a total of Rs 1,48,500. Duty is charged on the guideline value or the sale price, whichever is higher.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Meigai Vinayagar Koil Street?

The Sub Registrar Office that covers Meigai Vinayagar Koil Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in property transactions in Madipakkam-1, as it is used to determine the stamp duty and registration fees payable during the registration process. Buyers and sellers must refer to the guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value serves as a benchmark for calculating the applicable duties. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Meigai Vinayagar Koil Street?

The current guideline value of Meigai Vinayagar Koil Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

What land classification does Meigai Vinayagar Koil Street fall under?

Meigai Vinayagar Koil Street is classified as Residential Class II Type - II.

What are the guideline values of other streets in Madipakkam-1?

Other streets in Madipakkam-1 have varying guideline values, with rates ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for the area is Rs 2,750 per sq.ft.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Madipakkam-1?

Stamp duty for properties in Madipakkam-1 is calculated based on the higher of the guideline value or the sale price. The current rate is 7% for stamp duty and 2% for the registration fee.