Guideline Value for MANICKAM AVENUE

Manickam Avenue guideline value

The current guideline value of Manickam Avenue is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Manickam Avenue has changed

The guideline value for Manickam Avenue has seen significant changes over the years. In the 2002 revision, the value was Rs 1,220 per sq.ft. This increased to Rs 1,355 per sq.ft in 2003, marking an 11% rise. The value continued to grow, reaching Rs 1,540 per sq.ft in 2007, which was a 14% increase from the previous year. The 2012 revision saw a notable jump to Rs 7,500 per sq.ft, reflecting a substantial 387% increase. However, in the 2017 revision, the value dropped to Rs 5,025 per sq.ft, indicating a decrease of 33% from the previous revision.

In the following years, the guideline value rose again, reaching Rs 7,500 per sq.ft in 2023, a 49% increase from 2017. The most recent revision in 2024 set the value at Rs 8,200 per sq.ft, which is a 9% increase from 2023. The overall change from 2002 to 2024 reflects a significant increase of 572%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Manickam Avenue's current guideline value below this median.

• Mandaveli Street: Rs 8,800 per sq.ft (2024)
• Mandaveli Lane: Rs 8,800 per sq.ft (2024)
• Mannkollai: Rs 7,700 per sq.ft (2024)
• Maleeswaran Koil Street: Rs 9,300 per sq.ft (2024)
• Malaiappan Street: Rs 8,200 per sq.ft (2024)
• Makkan Dharga Ground: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Manickam Avenue

For a 1,000 sq.ft plot at the current rate of Rs 8,200 per sq.ft, the guideline value would be Rs 82,00,000. The stamp duty at 7% would amount to Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000. Together, the total cost for stamp duty and registration fees would be Rs 7,38,000. 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 precise calculations.

Which Sub Registrar Office covers Manickam Avenue?

The Sub Registrar Office that covers Manickam Avenue is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Mylapore. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees. Buyers and sellers must be aware of the guideline value to avoid discrepancies during the registration process.

When purchasing a property, the guideline value helps in assessing the financial implications of the transaction. It serves as a benchmark for calculating the stamp duty and registration fees, which are mandatory costs involved in the property transfer process.

Frequently asked questions

What is the current guideline value of Manickam Avenue?

The current guideline value of Manickam Avenue is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,220 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, reflecting an overall increase of 572% over this period.

What are the registration fees for properties in Manickam Avenue?

For a property valued at Rs 82,00,000, the stamp duty would be Rs 5,74,000 and the registration fee would be Rs 1,64,000, totaling Rs 7,38,000.

Where is the Sub Registrar Office for Manickam Avenue located?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification of Manickam Avenue?

Manickam Avenue is classified as Residential Class IV Type - I, indicating its designation for residential use within the area.