Guideline Value for MANIKANDAN AVENUE

Manikandan Avenue guideline value

The current guideline value of Manikandan Avenue is Rs 550 per sq.ft, effective from 1 July 2024. This street is located in Minjur village under the Ponneri SRO and is classified as Residential Class II Type - I.

How the guideline value of Manikandan Avenue has changed

The guideline value for Manikandan Avenue has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 550 per sq.ft, which is an increase from Rs 500 per sq.ft in 2023, marking a change of +10%. Prior to that, in 2017, the guideline value was Rs 335 per sq.ft. This indicates a significant increase of +49% from 2017 to 2023 and an overall increase of +64% from 2017 to 2024.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for Manikandan Avenue, meaning the first recorded value was established in 2017.

Guideline values in Minjur

In Minjur, there are 179 streets under the Ponneri SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 1,320 per sq.ft. The median value for these streets is Rs 550 per sq.ft, which is the same as the 2024 guideline value for Manikandan Avenue.

• Mannar Swami Nagar: Rs 880 per sq.ft (2024)
• Mahaveer Nagar: Rs 880 per sq.ft (2024)
• Mahatma Gandhi Street: Rs 550 per sq.ft (2024)
• Magesh Kumar Nagar: Rs 550 per sq.ft (2024)
• Madhura Nagar: Rs 880 per sq.ft (2024)
• Minjur New Town: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Manikandan Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, leading to a total of Rs 49,500. It is important to note that the 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 Manikandan Avenue?

The Sub Registrar Office that covers Manikandan Avenue is the Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Minjur. It serves as a reference point for determining the stamp duty and registration fees applicable to a property transaction. Buyers and sellers must be aware of the current guideline value to ensure they comply with legal requirements during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty, which is charged at a percentage of the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Manikandan Avenue?

The current guideline value of Manikandan Avenue is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 335 per sq.ft in 2017 to Rs 550 per sq.ft in 2024, marking an overall increase of +64% over this period.

What is the classification of land on Manikandan Avenue?

Manikandan Avenue is classified as Residential Class II Type - I, which indicates its intended use for residential purposes.

Where can I find the Sub Registrar Office for Manikandan Avenue?

The Sub Registrar Office covering Manikandan Avenue is located at 9/5, Taluk Office Road, Ponneri, Chennai-601204.

How is stamp duty calculated for properties in Manikandan Avenue?

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 current guideline value would incur a stamp duty of Rs 38,500.