Guideline Value for MANICKAM STREET

Manickam Street guideline value

The current guideline value of Manickam Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 under the Neelankarai SRO, and it falls under the Residential Class IV Type - I land classification.

How the guideline value of Manickam Street has changed

The guideline value for Manickam Street has seen significant changes over the years. In the 2017 revision, the value was Rs 1,005 per sq.ft. This increased to Rs 1,500 per sq.ft in the 2023 revision, marking a 49% increase. The most recent revision in 2024 set the guideline value at Rs 1,700 per sq.ft, reflecting a 13% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 69%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Manickam Street's 2024 figure below this median.

• Manicka Vasagar Street(Grama Nedunchalai 37th Cross Street): Rs 2,200 per sq.ft (2024)
• Mamallah Farms: Rs 1,700 per sq.ft (2024)
• Mallikeswari Lane: Rs 1,700 per sq.ft (2024)
• Marbhi Street: Rs 1,700 per sq.ft (2024)
• Mark Garden: Rs 1,700 per sq.ft (2024)
• Maillika Street(Grama Nedunchalai 4th Cross Street): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Manickam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total fees together to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Manickam Street?

The Sub Registrar Office that covers Manickam Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a crucial factor when buying or selling property in Sholinganallur - 1, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, which are mandatory for property transactions.

When a buyer purchases a property, the guideline value helps in assessing the legal and financial obligations involved in the transaction. It ensures that the property is valued fairly according to the local regulations, providing transparency in the registration process.

Frequently asked questions

What is the current guideline value of Manickam Street?

The current guideline value of Manickam Street is Rs 1,700 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 1,005 per sq.ft to Rs 1,700 per sq.ft in 2024, marking a total increase of 69% over this period.

What is the land classification for Manickam Street?

Manickam Street is classified under Residential Class IV Type - I according to the local land classification regulations.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for property in Manickam Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the guideline value of Rs 1,700 per sq.ft incurs a total of Rs 1,53,000 in fees.