Guideline Value for Kannagi Nagar Manimegalai Street

Kannagi Nagar Manimegalai Street guideline value

The current guideline value of Kannagi Nagar Manimegalai Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village, under the jurisdiction of the Royapuram SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Kannagi Nagar Manimegalai Street has changed

The guideline value for Kannagi Nagar Manimegalai Street has undergone several revisions over the years. In the 2017 revision, the value was set at Rs 804 per sq.ft. This increased to Rs 1,200 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 saw the guideline value increase further to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 62%.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, indicating that the guideline value for Kannagi Nagar Manimegalai Street is below this median.

• Kannagi Nagar Madavi Street: Rs 1,300 per sq.ft (2024)
• Kannagi Nagar Pandiyan Street: Rs 1,300 per sq.ft (2024)
• Kannagi Nagar Kovalan Street: Rs 1,300 per sq.ft (2024)
• Kannagi Nagar Elango Street: Rs 1,300 per sq.ft (2024)
• Kannagi Street: Rs 1,300 per sq.ft (2024)
• Kannan Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kannagi Nagar Manimegalai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost to Rs 1,17,000. It is essential to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Kannagi Nagar Manimegalai Street?

The Sub Registrar Office that covers Kannagi Nagar Manimegalai Street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Tondaiarpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue in the form of stamp duty and registration fees.

When a property is sold, the buyer and seller must consider the guideline value to ascertain the applicable stamp duty and registration fees. This value helps in maintaining transparency in property transactions and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of Kannagi Nagar Manimegalai Street?

The current guideline value of Kannagi Nagar Manimegalai Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 804 per sq.ft to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 62% over this period.

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

The stamp duty for properties in Kannagi Nagar Manimegalai Street is 7%, while the registration fee is 2%. For a property valued at Rs 13,00,000, the total fees would amount to Rs 1,17,000.

Which Sub Registrar Office handles registrations for this street?

The Royapuram Sub Registrar Office handles registrations for Kannagi Nagar Manimegalai Street, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

What is the land classification for Kannagi Nagar Manimegalai Street?

The land classification for Kannagi Nagar Manimegalai Street is Residential Class II Type - I, indicating its use for residential purposes.