Guideline Value for INDRA NAGAR 2ND STREET

Indra Nagar 2nd Street guideline value

The current guideline value of Indra Nagar 2nd Street is Rs 2,530 per sq.ft, effective from 1 July 2024. This street is located in Manapakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Indra Nagar 2nd Street has changed

The guideline value for Indra Nagar 2nd Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 118 per sq.ft. This value increased to Rs 132 per sq.ft in 2003, marking a 12% rise. In 2007, the value saw a significant jump to Rs 400 per sq.ft, which is an increase of 203%. The guideline value then rose to Rs 2,300 per sq.ft in 2012, reflecting a substantial 475% increase from the previous revision.

From 2012 to 2017, the value decreased to Rs 1,541 per sq.ft, a drop of 33%. However, this trend reversed with an increase to Rs 2,300 per sq.ft in 2023, and then to the current value of Rs 2,530 per sq.ft in 2024, which is a 10% increase from the previous year. There are no figures available for revisions in years not listed in the register.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median guideline value is Rs 2,530 per sq.ft, which is equal to the 2024 figure for Indra Nagar 2nd Street.

• Indra Nagar 2nd Main Road: Rs 2,530 per sq.ft (2024)
• Indra Nagar 2nd Cross Street: Rs 2,530 per sq.ft (2024)
• Indra Nagar 3rd Cross Street: Rs 2,530 per sq.ft (2024)
• Indra Nagar 3rd Street: Rs 2,530 per sq.ft (2024)
• Indra Nagar 4th Right Cross Street: Rs 2,530 per sq.ft (2024)
• Indra Nagar 1st Street: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in Indra Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value would be Rs 25,30,000. The stamp duty at 7% would amount to Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, bringing the total cost for these fees to Rs 2,27,700. 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 Indra Nagar 2nd Street?

The Sub Registrar Office that covers Indra Nagar 2nd Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration of properties in Manapakkam. It serves as a benchmark for calculating the stamp duty and registration fees when a property is bought or sold. Buyers and sellers need to be aware of the current guideline value to ensure compliance with registration requirements.

When a property transaction occurs, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable fees. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Indra Nagar 2nd Street?

The current guideline value of Indra Nagar 2nd Street is Rs 2,530 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 118 per sq.ft in 2002 to Rs 2,530 per sq.ft in 2024, reflecting an overall increase of 2044% over the years.

What are the other streets in Manapakkam with the same guideline value?

Other streets in Manapakkam with a guideline value of Rs 2,530 per sq.ft in 2024 include Indra Nagar 2nd Main Road, Indra Nagar 2nd Cross Street, Indra Nagar 3rd Cross Street, Indra Nagar 3rd Street, Indra Nagar 4th Right Cross Street, and Indra Nagar 1st Street.

Where can I find the Sub Registrar Office for Indra Nagar 2nd Street?

The Sub Registrar Office for Indra Nagar 2nd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Indra Nagar 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,77,100.