Guideline Value for Mejastic Residency

Mejastic Residency guideline value

The current guideline value of Mejastic Residency in Sekkadu village is Rs 1,075 per sq.ft, effective from 1 July 2024. This property falls under the Avadi SRO and is classified as Residential Class II Type - II.

How the guideline value of Mejastic Residency has changed

The guideline value for Mejastic Residency has seen several revisions over the years. In 2012, the guideline value was Rs 1,000 per sq.ft, which then dropped to Rs 670 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,000 per sq.ft in 2023, and currently stands at Rs 1,075 per sq.ft from the 2024 revision. The register has no figures for the years 2002, 2003, and 2007 for this street.

Between the revisions, the changes are notable. From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 is an increase of 8%, reflecting the current guideline value of Rs 1,075 per sq.ft.

Guideline values in Sekkadu

In Sekkadu, there are 56 streets under the Avadi SRO that carry a 2024 guideline value, ranging from Rs 930 to Rs 4,800 per sq.ft. The median value for these streets is Rs 1,320 per sq.ft, placing Mejastic Residency's 2024 figure below that median.

• Mettu Sekkadu: Rs 1,075 per sq.ft (2024)
• Mettu Street: Rs 1,075 per sq.ft (2024)
• Mariyamman Koil Street Kudiyiruppu: Rs 1,075 per sq.ft (2024)
• Main Road: Rs 2,250 per sq.ft (2024)
• M.T.H.Road: Rs 2,250 per sq.ft (2024)
• Kumaran Nagar: Rs 1,075 per sq.ft (2024)

Stamp duty and registration fee for property in Mejastic Residency

For a 1,000 sq.ft plot at the current guideline value of Rs 1,075 per sq.ft, the total guideline value amounts to Rs 10,75,000. The stamp duty at 7% would be Rs 75,250, and the registration fee at 2% would be Rs 21,500, bringing the total fees together to Rs 96,750. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mejastic Residency?

The Mejastic Residency is covered by the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Sekkadu, as it determines the stamp duty and registration fees applicable to the transaction. Buyers and sellers must refer to the current guideline value to understand the financial implications of their property transactions.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty and registration fees. This ensures that the fees reflect the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Mejastic Residency?

The current guideline value of Mejastic Residency is Rs 1,075 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then to Rs 1,000 per sq.ft in 2023, and currently stands at Rs 1,075 per sq.ft in 2024.

What is the land classification for Mejastic Residency?

Mejastic Residency is classified as Residential Class II Type - II, which indicates its designation for residential use.

What are the stamp duty rates applicable in Sekkadu?

The stamp duty in Sekkadu is typically charged at 7% of the guideline value or sale price, whichever is higher, along with a registration fee of 2%.

Where can I find the Avadi Sub Registrar Office?

The Avadi Sub Registrar Office is located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.