Guideline Value for MANIKODI SRINIVASAN NAGAR 7TH STREET

Manikodi Srinivasan Nagar 7th Street guideline value

The current guideline value of Manikodi Srinivasan Nagar 7th 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 is classified as Residential Class II Type - I.

How the guideline value of Manikodi Srinivasan Nagar 7th Street has changed

The guideline value for Manikodi Srinivasan Nagar 7th Street has seen several revisions over the years. The earliest recorded value was Rs 217 per sq.ft in 2002, which increased to Rs 300 per sq.ft in 2003, marking a change of +38%. The value then rose significantly to Rs 750 per sq.ft in 2007, reflecting a +150% increase. By 2012, the value reached Rs 2,500 per sq.ft, showing a substantial increase of +233% from the previous revision. However, it then dropped to Rs 1,675 per sq.ft in 2017, indicating a decrease of -33%.

From 2017 to 2023, the value increased to Rs 2,500 per sq.ft, which is a change of +49%. The most recent revision in 2024 set the guideline value at Rs 2,800 per sq.ft, reflecting a +12% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by +1190%. There are no figures available for any other revisions for this street.

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 value being Rs 2,800 per sq.ft. The guideline value for Manikodi Srinivasan Nagar 7th Street is equal to this median value.

• Manikodi Srinivasan Nagar 6th Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 8th Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 5th Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar Main Road: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 4th Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 3rd Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Manikodi Srinivasan Nagar 7th Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, making the total fees Rs 2,52,000. The duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Manikodi Srinivasan Nagar 7th Street?

The Sub Registrar Office that covers Manikodi Srinivasan Nagar 7th 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 essential factor during the registration of property transactions in Seevaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable stamp duty and registration fees. This process helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Manikodi Srinivasan Nagar 7th Street?

The current guideline value of Manikodi Srinivasan Nagar 7th 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 significantly from Rs 217 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of +1190% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000, and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which office handles property registrations for Manikodi Srinivasan Nagar 7th Street?

The Neelankarai Sub Registrar Office handles property registrations for Manikodi Srinivasan Nagar 7th Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification for Manikodi Srinivasan Nagar 7th Street?

Manikodi Srinivasan Nagar 7th Street is classified as Residential Class II Type - I, indicating its suitability for residential development.