Guideline Value for MANICKAM STREET

Manickam Street guideline value

The current guideline value of Manickam Street in Mambalam village, under the Thiyagaraya nagar SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class III Type - III.

How the guideline value of Manickam Street has changed

The guideline value for Manickam Street has seen several revisions over the years. In 2002, the value was Rs 714 per sq.ft, which increased to Rs 792 per sq.ft in 2003, marking an increase of 11%. The value then surged significantly to Rs 2,885 per sq.ft in 2007, reflecting a substantial increase of 264%. Following that, the value was revised to Rs 4,000 per sq.ft in 2012, a decrease of 33% from the previous figure. The next revision in 2017 saw the value rise to Rs 2,680 per sq.ft, and by 2023, it reached Rs 4,000 per sq.ft, an increase of 49%.

The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, which is a 10% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 516%. There are no other revisions listed for this street in the register.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 22,000 per sq.ft, with a median value of Rs 6,600 per sq.ft. The guideline value of Manickam Street is below this median.

• Lakshmi Street: Rs 6,600 per sq.ft (2024)
• Model Hutmunt Road: Rs 7,700 per sq.ft (2024)
• Mosque 1 Street: Rs 4,400 per sq.ft (2024)
• Mosque 2 Street: Rs 4,400 per sq.ft (2024)
• Mosque 3 Street: Rs 4,400 per sq.ft (2024)
• Mosque 4th Street: Rs 4,400 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 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that 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 further calculations.

Which Sub Registrar Office covers Manickam Street?

The Sub Registrar Office that covers Manickam Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Mambalam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price, as the registration fees and stamp duty are calculated based on the higher of the guideline value or the sale price.

When you proceed with a property transaction, the guideline value ensures that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. It is advisable to be aware of the current guideline value in your area to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Manickam Street?

The current guideline value of Manickam Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 714 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 516% over this period.

What is the land classification of Manickam Street?

Manickam Street is classified as Residential Class III Type - III.

What are the stamp duty and registration fees for properties on Manickam Street?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for Manickam Street?

The Thiyagaraya nagar Sub Registrar Office handles registrations for Manickam Street, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.