Guideline Value for MANIKKAM NAGAR

Manikkam Nagar guideline value

The current guideline value of Manikkam Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This locality is situated in Thiruvottiyur village, under the Thiruvottiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of Manikkam Nagar has changed

The guideline value for Manikkam Nagar has undergone several revisions over the years. In 2007, the value was set at Rs 800 per sq.ft, which saw a significant increase to Rs 3,000 per sq.ft in 2012. However, between 2012 and 2017, the value decreased to Rs 2,010 per sq.ft. Following this, the value rose substantially to Rs 3,000 per sq.ft in 2023, and has now reached Rs 3,300 per sq.ft in the 2024 revision. The register has no figures for the revisions in 2002 and 2003.

From 2017 to 2023, the value increased by 49%, while the jump from 2023 to 2024 was 10%. Notably, the overall increase from 2007 to 2024 is 313%. This reflects the fluctuating nature of the guideline values over the years.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 8,600 per sq.ft. The median value is Rs 3,300 per sq.ft, which aligns with the current guideline value of Manikkam Nagar.

• Manikkam Nagar Extn: Rs 3,300 per sq.ft (2024)
• Manali Express Road: Rs 3,300 per sq.ft (2024)
• Market Lane Kaladipet: Rs 2,800 per sq.ft (2024)
• Mallikapuram: Rs 2,150 per sq.ft (2024)
• Marvadi Quarters: Rs 3,300 per sq.ft (2024)
• Masthan Koil Pattai: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Manikkam Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty, calculated at 7%, would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 Manikkam Nagar?

The Sub Registrar Office that covers Manikkam Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. For more information, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Thiruvottiyur. It serves as a benchmark to determine the minimum value of the property for the purpose of calculating stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which is essential for tax purposes. It is important for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Manikkam Nagar?

The current guideline value of Manikkam Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 800 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 313% over the years.

What is the land classification of Manikkam Nagar?

Manikkam Nagar is classified as Residential Special Type - I, which indicates its suitability for residential development.

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

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,97,000.

Where is the Sub Registrar Office for Manikkam Nagar located?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.