Guideline Value for Menaka Nagar

Menaka Nagar guideline value

The current guideline value of Menaka Nagar, located in Kovur village under the Kunrathur SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Menaka Nagar has changed

The guideline value for Menaka Nagar has undergone several revisions over the years. The earliest recorded value was Rs 115 per sq.ft in 2003, which increased significantly to Rs 250 per sq.ft in 2007. Following this, the value saw a substantial rise to Rs 1,500 per sq.ft in 2012, but then decreased to Rs 1,005 per sq.ft in 2017. The value then rose again to Rs 1,500 per sq.ft in 2023, culminating in the current guideline value of Rs 1,650 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1,335%. The register has no figure for this street in 2002.

Guideline values in Kovur

Kovur village has a total of 91 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which is equal to the current guideline value of Menaka Nagar.

• Melandai Madaveethi Street: Rs 1,650 per sq.ft (2024)
• Moogambigai Nagar: Rs 1,650 per sq.ft (2024)
• Moogambigai Nagar Annex: Rs 1,650 per sq.ft (2024)
• Madura Avenue: Rs 1,430 per sq.ft (2024)
• Madha Nagar: Rs 1,650 per sq.ft (2024)
• Mutharamman Nagar (or) Sri Ambal Nagar II: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Menaka Nagar

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, bringing the total cost together to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Menaka Nagar?

The Sub Registrar Office that covers Menaka Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Kovur. It is used to calculate the stamp duty and registration fees that are required to complete the transaction legally.

When a property is sold, the guideline value is considered to ensure that the transaction is recorded accurately. This ensures that both the buyer and seller are aware of the financial implications of the sale, as the stamp duty is charged based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Menaka Nagar?

The current guideline value of Menaka Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 115 per sq.ft in 2003 to Rs 1,650 per sq.ft in 2024, showing an overall increase of 1,335% over this period.

What is the land classification for Menaka Nagar?

The land classification for Menaka Nagar is Residential Special Type - I.

Where can I find the Sub Registrar Office for Menaka Nagar?

The Sub Registrar Office for Menaka Nagar is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for property in Menaka Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 1,15,500.