Guideline Value for MANIGANDAN NAGAR

Manigandan Nagar guideline value

The current guideline value of Manigandan Nagar is Rs 2,200 per sq.ft. This area is located in Nerkundram village and falls under the Virugambakkam SRO. The land classification for this street is Residential Class IV Type - I.

How the guideline value of Manigandan Nagar has changed

The guideline value for Manigandan Nagar has seen several revisions over the years. In 2002, the value was Rs 63 per sq.ft, which increased to Rs 70 per sq.ft in 2003. This was followed by a significant rise to Rs 300 per sq.ft in 2007. The value then jumped to Rs 2,000 per sq.ft in 2012, before decreasing to Rs 1,340 per sq.ft in 2017. The value saw a substantial increase to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft from the 2024 revision.

Examining the changes between revisions reveals notable fluctuations. From 2002 to 2003, the increase was +11%. The jump from 2003 to 2007 was +329%, and from 2007 to 2012, there was a +567% increase. However, from 2012 to 2017, the value decreased by -33%. The value increased by +49% from 2017 to 2023, and the latest revision from 2023 to 2024 shows a +10% increase. Overall, from 2002 to 2024, the guideline value has increased by +3392%.

Guideline values in Nerkundram

Nerkundram village has 476 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which matches the current guideline value for Manigandan Nagar.

• Mandaveli Pillaiyar Koil 3rd Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Pillaiyar Koil 2nd Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Pillaiyar Koil 1st Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Pillaiyar Koil 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Masoodi Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Manigandan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for stamp duty and registration fee would be Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Manigandan Nagar?

The Sub Registrar Office that covers Manigandan Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Nerkundram. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees applicable, ensuring that these costs are calculated based on the official rates set by the government.

It is essential for buyers and sellers to be aware of the guideline value, as it directly affects the financial aspects of property transactions. Understanding the guideline value helps in planning for the associated costs during the buying or selling process.

Frequently asked questions

What is the current guideline value of Manigandan Nagar?

The current guideline value of Manigandan Nagar is Rs 2,200 per sq.ft, effective from the 2024 revision.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly, from Rs 63 per sq.ft to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of +3392%.

What is the land classification for Manigandan Nagar?

Manigandan Nagar is classified as Residential Class IV Type - I, which indicates its designation for residential purposes.

What are the stamp duty and registration fees for property in Manigandan Nagar?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for Manigandan Nagar located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, covering Manigandan Nagar.