Guideline Value for MANICKAVASAKAR STREET

Manickavasakar Street guideline value

The current guideline value of Manickavasakar Street in Pallikaranai village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Manickavasakar Street has changed

The guideline value for Manickavasakar Street has seen significant changes over the years. In 2002, the guideline value was Rs 104 per sq.ft, which increased to Rs 123 per sq.ft in 2003, marking an 18% rise. By 2007, the value jumped to Rs 400 per sq.ft, reflecting a 225% increase. The 2012 revision set the value at Rs 1,500 per sq.ft, a substantial increase of 275% from 2007. The most recent revision in 2024 has brought the guideline value to Rs 1,650 per sq.ft, which is a 10% increase from the 2012 figure.

It is important to note that there are no figures available for the revisions in 2017 and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 1,487%.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is the same as the current value for Manickavasakar Street.

• Manikavasagar 1st Cross Street: Rs 1,650 per sq.ft (2024)
• Manimegalai 1st Street: Rs 1,650 per sq.ft (2024)
• Manimegalai 2nd Cross Street: Rs 1,650 per sq.ft (2024)
• Manimegalai 2nd Street: Rs 1,650 per sq.ft (2024)
• Manimegalai Nagar: Rs 1,650 per sq.ft (2024)
• Manimegalai Nagar Extn.: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Manickavasakar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Manickavasakar Street?

Manickavasakar Street is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Pallikaranai, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process. This value serves as a benchmark for assessing property transactions, ensuring that all parties are informed of the legal requirements involved.

Frequently asked questions

What is the current guideline value of Manickavasakar Street?

The current guideline value of Manickavasakar Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 104 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, representing an overall increase of 1,487%.

What are the other streets with the same guideline value in Pallikaranai?

Other streets in Pallikaranai with the same guideline value of Rs 1,650 per sq.ft include Manikavasagar 1st Cross Street, Manimegalai 1st Street, Manimegalai 2nd Cross Street, Manimegalai 2nd Street, Manimegalai Nagar, and Manimegalai Nagar Extn.

What fees are associated with buying property in Manickavasakar Street?

When buying property in Manickavasakar Street, the buyer should consider the stamp duty at 7% and the registration fee at 2% of the guideline value. These fees are calculated based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Manickavasakar Street?

The Sub Registrar Office covering Manickavasakar Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find more information through the provided link.