Guideline Value for MANIKODI SRINIVASAN NAGAR 8TH STREET

Manikodi Srinivasan Nagar 8th Street guideline value

The current guideline value for Manikodi Srinivasan Nagar 8th Street is Rs 2,800 per sq.ft. 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 8th Street has changed

Over the years, the guideline value for Manikodi Srinivasan Nagar 8th Street has seen significant changes. The earliest recorded figure is from 2002, where the guideline value was Rs 217 per sq.ft. This value increased to Rs 300 per sq.ft in 2003, marking a change of +38%. By 2007, the value had risen sharply to Rs 750 per sq.ft, reflecting a substantial increase of +150%. The 2012 revision saw the value at Rs 2,500 per sq.ft, which was a notable increase of +233% from the previous revision.

In 2017, the guideline value was Rs 1,675 per sq.ft, representing a decrease of -33% from 2012. The next revision in 2023 set the value at Rs 2,500 per sq.ft, and in 2024, the current guideline value was established at Rs 2,800 per sq.ft, which is an increase of +12% from the previous year. Overall, the guideline value has increased by +1190% from 2002 to 2024.

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. The median guideline value for these streets is Rs 2,800 per sq.ft, which is equal to the 2024 figure for Manikodi Srinivasan Nagar 8th Street.

• Manikodi Srinivasan Nagar 7th Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar Main Road: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 6th Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 5th Street: 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 8th 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. Together, the total fees would be Rs 2,52,000. Please note that 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 information.

Which Sub Registrar Office covers Manikodi Srinivasan Nagar 8th Street?

The Sub Registrar Office that covers Manikodi Srinivasan Nagar 8th 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Seevaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This process helps maintain transparency and compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value for Manikodi Srinivasan Nagar 8th Street?

The current guideline value for Manikodi Srinivasan Nagar 8th 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 is the classification of land in Manikodi Srinivasan Nagar 8th Street?

The land classification for Manikodi Srinivasan Nagar 8th Street is Residential Class II Type - I, indicating its suitability for residential purposes.

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

The Neelankarai Sub Registrar Office covers Manikodi Srinivasan Nagar 8th Street and is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.