Guideline Value for SREE MEENAKCHI AVENUE

Sree Meenakchi Avenue guideline value

The current guideline value of Sree Meenakchi Avenue in Ninna Karai village is Rs 1,100 per sq.ft, effective from 1 July 2024. This property falls under the Chengleput Joint II SRO and is classified as Residential Class I Type - I land.

How the guideline value of Sree Meenakchi Avenue has changed

In the 2012 revision, the guideline value was Rs 1,000 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 670 per sq.ft, marking a decline of 33%. The value increased significantly in the following revisions, with the 2023 revision setting it at Rs 1,000 per sq.ft, and the latest 2024 revision increasing it to Rs 1,100 per sq.ft, reflecting a 10% rise from the previous year.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 10%. It is important to note that the register has no figures for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Ninna Karai

Ninna Karai village has a total of 449 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 440 to Rs 3,500 per sq.ft. The median guideline value for the village is Rs 1,100 per sq.ft, which is equal to the current value of Sree Meenakchi Avenue.

• Sree Sai Sakthi Nagar: Rs 1,100 per sq.ft (2024)
• Sree Sathyasai Nagar Extention: Rs 660 per sq.ft (2024)
• Sree Siva Sakthi Nagar: Rs 660 per sq.ft (2024)
• Sree Arunachala Nagar: Rs 1,650 per sq.ft (2024)
• South Ganapathy Nagar (Pa): Rs 660 per sq.ft (2024)
• Sri Balaji Nagar Extension: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Sree Meenakchi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total fees together to Rs 99,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sree Meenakchi Avenue?

The Sree Meenakchi Avenue is covered by the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Ninna Karai. It serves as the basis for calculating the stamp duty and registration fees, ensuring that the transaction is recorded at a fair value as determined by the government.

When a property is sold, the buyer must pay the stamp duty and registration fees based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sree Meenakchi Avenue?

The current guideline value of Sree Meenakchi Avenue is Rs 1,100 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 back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification of Sree Meenakchi Avenue?

Sree Meenakchi Avenue is classified as Residential Class I Type - I land, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Sree Meenakchi Avenue?

For a 1,000 sq.ft plot, the total guideline value is Rs 11,00,000, with stamp duty at 7% amounting to Rs 77,000 and registration fees at 2% totaling Rs 22,000, leading to a combined fee of Rs 99,000.

Which Sub Registrar Office covers Sree Meenakchi Avenue?

The Chengleput Joint II Sub Registrar Office covers Sree Meenakchi Avenue, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.