Guideline Value for Merryland Estates (Ward-02)

Merryland Estates (Ward-02) guideline value

The current guideline value for Merryland Estates (Ward-02) is Rs 1,300 per sq.ft. This property is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Merryland Estates (Ward-02) has changed

In the 2012 revision, the guideline value was set at Rs 1,200 per sq.ft. This figure remained unchanged until the 2023 revision, where it stayed at Rs 1,200 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has risen by 8%. The register does not provide figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for the village is Rs 1,600 per sq.ft, placing the guideline value of Merryland Estates (Ward-02) below this median.

• Meri Land Est.: Rs 1,300 per sq.ft (2024)
• Metha Nagar (A.J.): Rs 1,600 per sq.ft (2024)
• Metha Nagar (Madhavaram Milk Pannai): Rs 1,600 per sq.ft (2024)
• Melaveethi: Rs 1,600 per sq.ft (2024)
• Metha Nagar Periya Street (Ward-16): Rs 1,300 per sq.ft (2024)
• Mehta Nagar (Ward-16): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Merryland Estates (Ward-02)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty is charged at 7%, which totals Rs 91,000, and the registration fee is charged at 2%, amounting to Rs 26,000. Together, the total cost for stamp duty and registration fee is Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Merryland Estates (Ward-02)?

The Sub Registrar Office that covers Merryland Estates (Ward-02) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value is an important factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on either the guideline value or the sale price, whichever is higher.

When buying or selling property, it is essential to be aware of the current guideline value, as it directly impacts the overall costs involved in the transaction. This ensures compliance with local regulations and helps in accurately assessing the financial implications of the property deal.

Frequently asked questions

What is the current guideline value of Merryland Estates (Ward-02)?

The current guideline value of Merryland Estates (Ward-02) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 8% over this period.

What is the land classification for Merryland Estates (Ward-02)?

Merryland Estates (Ward-02) is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000, and the registration fee would be Rs 26,000, making the total Rs 1,17,000.

Where is the Sub Registrar Office for Merryland Estates (Ward-02) located?

The Sub Registrar Office for Merryland Estates (Ward-02) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.