Guideline Value for MANICKA CHETTY STREET

Manicka Chetty Street guideline value

The current guideline value of Manicka Chetty Street is Rs 6,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village and falls under the Purasaivakkam SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Manicka Chetty Street has changed

The guideline value for Manicka Chetty Street has seen several revisions over the years. In 2007, the value was set at Rs 1,800 per sq.ft. This figure increased significantly to Rs 6,000 per sq.ft in 2012, marking a change of +233%. However, in 2017, the value dropped to Rs 4,020 per sq.ft, reflecting a decrease of -33%. The value then rose again to Rs 6,000 per sq.ft in 2023, followed by the current figure of Rs 6,500 per sq.ft in 2024, which is an increase of +8% from the previous year.

It is important to note that the register has no figures for Manicka Chetty Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by +261%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value for these streets is Rs 5,500 per sq.ft, which means that Manicka Chetty Street's 2024 figure is above that median.

• Mangapathy Naicken Street: Rs 4,900 per sq.ft (2024)
• Manickkeswari Road: Rs 8,800 per sq.ft (2024)
• Manonmani Ammal Street: Rs 7,700 per sq.ft (2024)
• Masudi Street: Rs 4,400 per sq.ft (2024)
• Medavakkam Tank 1st Street: Rs 6,500 per sq.ft (2024)
• Medavakkam Tank 2nd Street: Rs 6,500 per sq.ft (2024)

Stamp duty and registration fee for property in Manicka Chetty Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,500 per sq.ft, the total guideline value amounts to Rs 65,00,000. The stamp duty at 7% would be Rs 4,55,000, and the registration fee at 2% would be Rs 1,30,000. Together, the total cost for these fees would be Rs 5,85,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Manicka Chetty Street?

The Sub Registrar Office that covers Manicka Chetty Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. For more information, you can find your SRO.

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

The guideline value is a crucial factor when registering property in Purasaivakkam. It serves as a benchmark for determining the minimum price at which a property can be sold and is used to calculate stamp duty and registration fees during the transaction process.

When buying or selling property, the guideline value ensures that the transaction is recorded accurately and transparently. It helps in maintaining a standard for property valuation, which is essential for both buyers and sellers to understand the worth of the property being exchanged.

Frequently asked questions

What is the current guideline value of Manicka Chetty Street?

The current guideline value of Manicka Chetty Street is Rs 6,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 6,500 per sq.ft in 2024, reflecting an overall increase of +261% over the years.

What is the land classification for Manicka Chetty Street?

Manicka Chetty Street is classified as Residential Class II Type - II.

Where can I find the Purasaivakkam Sub Registrar Office?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the stamp duty calculated for properties in Manicka Chetty Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 4,55,000.