Guideline Value for M.M.Avenue

M.M.Avenue guideline value

The current guideline value of M.M.Avenue in Manancheri village, under the Kunrathur SRO, is Rs 990 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of M.M.Avenue has changed

The guideline value for M.M.Avenue has undergone several revisions over the years. In 2012, the value was Rs 900 per sq.ft, which then decreased to Rs 603 per sq.ft in 2017. Following that, the value rose significantly to Rs 900 per sq.ft in 2023, and further increased to Rs 990 per sq.ft in 2024, reflecting a 10% rise from the previous year.

Looking at the overall changes, from 2012 to 2024, the guideline value has increased by 10%. The jump from 2017 to 2023 was substantial, with a 49% increase noted. It is important to mention that the register has no figures for M.M.Avenue for the years 2002, 2003, and 2007.

Guideline values in Manancheri

In Manancheri, there are 59 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 3,400 per sq.ft. The median guideline value for these streets is Rs 990 per sq.ft, which aligns with the current value of M.M.Avenue.

• Mayana salai: Rs 990 per sq.ft (2024)
• Manancherri Main Road: Rs 1,320 per sq.ft (2024)
• Manancherri Colony: Rs 990 per sq.ft (2024)
• Narayana Nagar: Rs 990 per sq.ft (2024)
• Navidhar Street: Rs 990 per sq.ft (2024)
• Lakshmi Nagar: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in M.M.Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value amounts to Rs 9,90,000. The stamp duty at 7% would be Rs 69,300, and the registration fee at 2% would be Rs 19,800, bringing the total cost for these fees to Rs 89,100. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers M.M.Avenue?

The Sub Registrar Office covering M.M.Avenue is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069, in the Chennai registration zone. To find more information, you can find your SRO.

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

The guideline value is an essential factor in property transactions in Manancheri, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating property prices, as it influences the stamp duty and registration fees applicable during the transaction.

When a property is sold, the guideline value serves as a benchmark for the registration process. It ensures that the property is not undervalued, which could lead to lower tax revenues for the state. Therefore, understanding the guideline value is crucial for anyone looking to buy or sell property in the area.

Frequently asked questions

What is the current guideline value of M.M.Avenue?

The current guideline value of M.M.Avenue is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then increased to Rs 900 per sq.ft in 2023, and finally to Rs 990 per sq.ft in 2024.

What is the land classification for M.M.Avenue?

M.M.Avenue is classified as Residential Class I Type - I, which indicates its suitability for residential development.

What are the stamp duty and registration fees for property in M.M.Avenue?

For a 1,000 sq.ft plot at the guideline value of Rs 990 per sq.ft, the total guideline value is Rs 9,90,000. The stamp duty is Rs 69,300, and the registration fee is Rs 19,800, totaling Rs 89,100.

Which Sub Registrar Office covers M.M.Avenue?

The Kunrathur Sub Registrar Office covers M.M.Avenue, located at No.59, Road Street, Kundrathur, Chennai -600 069.