Guideline Value for Sri Meenakshi Avenue

Sri Meenakshi Avenue guideline value

The current guideline value of Sri Meenakshi Avenue is Rs 1,000 per sq.ft, effective from 1 July 2024. This street is located in Nandhivaram village under the Gooduvancheri SRO, classified as Residential Class II Type - I.

How the guideline value of Sri Meenakshi Avenue has changed

Over the years, the guideline value for Sri Meenakshi Avenue has seen several revisions. The 2007 revision set the value at Rs 328 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in the 2012 revision. However, the value then decreased to Rs 670 per sq.ft in 2017. The subsequent revisions maintained the value at Rs 1,000 per sq.ft for both 2023 and 2024, showing no change from the previous year.

To summarize the changes: from 2007 to 2012, the value increased by 205%, then decreased by 33% from 2012 to 2017. Following this, there was a notable increase of 49% from 2017 to 2023, with no change from 2023 to 2024.

Guideline values in Nandhivaram

Nandhivaram village features a range of guideline values across its 169 streets under the Gooduvancheri SRO, with figures ranging from Rs 1,000 to Rs 3,500 per sq.ft. The median value is Rs 1,500 per sq.ft, placing Sri Meenakshi Avenue's 2024 figure below this median.

• Sri Murugan Nagar: Rs 1,000 per sq.ft (2024)
• Sri Mahalakshmi Nagar Extn 14th Cross St: Rs 1,500 per sq.ft (2024)
• Sri Mahalakshmi Nagar 13th Cross St: Rs 1,500 per sq.ft (2024)
• Sri Ragavendra Colony: Rs 1,000 per sq.ft (2024)
• Sriram Nagar: Rs 1,500 per sq.ft (2024)
• Sri Dhulasi Nagar: Rs 1,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Meenakshi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,000 per sq.ft, the total guideline value amounts to Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, making the total cost Rs 90,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Sri Meenakshi Avenue?

The Sri Meenakshi Avenue falls under the jurisdiction of the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Nandhivaram. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, ensuring compliance with local regulations.

At the time of registration, the stamp duty is calculated based on the higher of the guideline value or the actual sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as per the established guidelines.

Frequently asked questions

What is the current guideline value of Sri Meenakshi Avenue?

The current guideline value of Sri Meenakshi Avenue is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 328 per sq.ft to Rs 1,000 per sq.ft in 2024, with various revisions in between, including a decrease in 2017.

What is the registration fee for property in Sri Meenakshi Avenue?

The registration fee is calculated at 2% of the guideline value. For a property valued at Rs 10,00,000, the registration fee would be Rs 20,000.

Which Sub Registrar Office should I visit for transactions in Nandhivaram?

The Gooduvancheri Sub Registrar Office covers transactions for Sri Meenakshi Avenue and is located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is stamp duty calculated for properties in Nandhivaram?

Stamp duty is charged at a rate of 7% on the higher of the guideline value or the sale price of the property. This ensures that the government receives the appropriate revenue based on the property's value.