Guideline Value for MANIMEGALAI 1ST STREET

Manimegalai 1st Street guideline value

The current guideline value of Manimegalai 1st Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Manimegalai 1st Street has changed

Over the years, the guideline value for Manimegalai 1st Street has seen significant changes. The 2002 revision recorded a guideline value of Rs 107 per sq.ft, which increased to Rs 126 per sq.ft in 2003, marking an increase of 18%. In 2007, the value surged to Rs 400 per sq.ft, reflecting a substantial increase of 217%. The 2012 revision set the value at Rs 1,500 per sq.ft, which was a remarkable rise of 275%. However, in 2017, the value decreased to Rs 1,005 per sq.ft, a drop of 33%. The latest revision in 2024 has brought the guideline value back up to Rs 1,650 per sq.ft, representing an increase of 64% from 2017.

It is important to note that there is no figure recorded for the year 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1,442%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is the same as the current guideline value for Manimegalai 1st Street.

• Manimegalai 2nd Cross Street: Rs 1,650 per sq.ft (2024)
• Manimegalai 2nd Street: Rs 1,650 per sq.ft (2024)
• Manimegalai Nagar: Rs 1,650 per sq.ft (2024)
• Manimegalai Nagar Extn.: Rs 1,650 per sq.ft (2024)
• MANIMEKALAI 1st ST. EXT: Rs 1,650 per sq.ft (2024)
• Manikavasagar 1st Cross Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Manimegalai 1st Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to 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 details.

Which Sub Registrar Office covers Manimegalai 1st Street?

The Sub Registrar Office that covers Manimegalai 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pallikaranai. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers should be aware that the guideline value is often considered the minimum value for property transactions.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in the real estate market. This value is essential for both buyers and sellers to understand the financial implications of their property dealings.

Frequently asked questions

What is the current guideline value of Manimegalai 1st Street?

The current guideline value of Manimegalai 1st Street is Rs 1,650 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 107 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 1,442% over the years.

What is the land classification for Manimegalai 1st Street?

Manimegalai 1st Street is classified as Residential Class IV Type - I, which indicates its suitability for residential purposes.

Where can I find the Sub Registrar Office for Manimegalai 1st Street?

The Sub Registrar Office for Manimegalai 1st Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Pallikaranai?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 16,50,000 would incur a stamp duty of Rs 1,15,500 at 7%.