Guideline Value for Meighai Vinayagar Street (Near Bajanai Mada 1st Street)

Meighai Vinayagar Street (Near Bajanai Mada 1st Street) guideline value

The current guideline value of Meighai Vinayagar Street (Near Bajanai Mada 1st Street) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the Virugambakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Meighai Vinayagar Street (Near Bajanai Mada 1st Street) has changed

Over the years, the guideline value of Meighai Vinayagar Street has seen significant changes. In 2007, the guideline value was Rs 850 per sq.ft, which increased substantially to Rs 3,000 per sq.ft in 2012, marking a rise of 253%. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, a drop of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, showing a 49% increase, before reaching the current value of Rs 3,300 per sq.ft in 2024, an increase of 10%.

The register has no figures for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 288%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, indicating that Meighai Vinayagar Street's 2024 figure is below this median.

• Meeransahib Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - V.P.Akilan Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - V.O.C Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - Thiruvalluvar Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - Sriramulu Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Meighai Vinayagar Street (Near Bajanai Mada 1st Street)

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

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

Which Sub Registrar Office covers Meighai Vinayagar Street (Near Bajanai Mada 1st Street)?

The Sub Registrar Office that covers Meighai Vinayagar Street 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 Saligramam

The guideline value plays a crucial role in the registration process of property transactions in Saligramam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the higher value between the guideline value and the sale price is considered for calculating the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Meighai Vinayagar Street?

The current guideline value of Meighai Vinayagar Street (Near Bajanai Mada 1st Street) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 850 per sq.ft to Rs 3,300 per sq.ft in 2024, representing an overall increase of 288%.

What are the other streets with the same guideline value in Saligramam?

Other streets in Saligramam with the same guideline value of Rs 3,300 per sq.ft for 2024 include Meeransahib Street, Mathiazhagan Street, and several streets in Mathiazhagan Nagar.

How is stamp duty calculated for properties in Meighai Vinayagar Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For a property valued at Rs 33,00,000, the stamp duty at 7% amounts to Rs 2,31,000.

Where can I find the Sub Registrar Office for Meighai Vinayagar Street?

The Sub Registrar Office for Meighai Vinayagar Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.