Guideline Value for MANIKODI SRINIVASAN NAGAR 2ND STREET

Manikodi Srinivasan Nagar 2nd Street guideline value

The current guideline value for Manikodi Srinivasan Nagar 2nd Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Seevaram village under the Neelankarai SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Manikodi Srinivasan Nagar 2nd Street has changed

The guideline value for Manikodi Srinivasan Nagar 2nd Street has seen several revisions over the years. In 2002, the value was Rs 217 per sq.ft, which increased to Rs 240 per sq.ft in 2003. The value then rose significantly to Rs 750 per sq.ft in 2007, followed by a jump to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 2,500 per sq.ft, and the most recent revision in 2024 set it at Rs 2,800 per sq.ft.

Between the revisions, the changes were notable. From 2002 to 2003, there was an increase of 11%. The value surged by 213% from 2003 to 2007, followed by a 233% increase from 2007 to 2012. The value then saw a decrease of 33% from 2012 to 2017. From 2017 to 2023, the value increased by 49%, and finally, from 2023 to 2024, there was a rise of 12%. Overall, from 2002 to 2024, the guideline value has increased by 1190%.

Guideline values in Seevaram

In Seevaram, there are 84 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,300 per sq.ft, with the median being Rs 2,800 per sq.ft. The guideline value for Manikodi Srinivasan Nagar 2nd Street matches this median.

• Manikodi Srinivasan Nagar 1st Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 3rd Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 4th Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 5th Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 6th Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 7th Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Manikodi Srinivasan Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total fees to Rs 2,52,000. It is important to note that the 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 more detailed calculations.

Which Sub Registrar Office covers Manikodi Srinivasan Nagar 2nd Street?

The Sub Registrar Office that covers Manikodi Srinivasan Nagar 2nd Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is an important factor during the registration of property transactions in Seevaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are essential costs associated with property transactions. This ensures transparency and helps in maintaining a standard across property dealings in the area.

Frequently asked questions

What is the current guideline value for Manikodi Srinivasan Nagar 2nd Street?

The current guideline value for Manikodi Srinivasan Nagar 2nd Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 217 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1190% from 2002 to 2024.

What is the land classification for Manikodi Srinivasan Nagar 2nd Street?

Manikodi Srinivasan Nagar 2nd Street falls under the Residential Class II Type - I land classification.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering Manikodi Srinivasan Nagar 2nd Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 at a rate of 7%.