Guideline Value for MANIMEGALAI 2ND STREET

Manimegalai 2nd Street guideline value

The current guideline value of Manimegalai 2nd 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 2nd Street has changed

The guideline value for Manimegalai 2nd Street has undergone several revisions over the years. In 2002, the value was Rs 107 per sq.ft, which increased to Rs 126 per sq.ft in 2003, marking an 18% rise. The value saw significant growth to Rs 400 per sq.ft in 2007, a 217% increase. This was followed by a substantial jump to Rs 1,500 per sq.ft in 2012, reflecting a 275% increase. However, the value decreased to Rs 1,005 per sq.ft in 2017, which was a 33% drop. The most recent revision in 2024 set the guideline value at Rs 1,650 per sq.ft, representing a 64% increase from the 2017 figure.

It is important to note that the register has no figure for this street in 2023. Overall, from 2002 to 2024, the guideline value has increased by 1442%.

Guideline values in Pallikaranai

In Pallikaranai village, there are 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 is Rs 1,650 per sq.ft, which is equal to the current guideline value of Manimegalai 2nd Street.

• Manimegalai 2nd Cross Street: Rs 1,650 per sq.ft (2024)
• Manimegalai 1st 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)
• MANIMEKALAI 3rd ST: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Manimegalai 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, 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 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 information.

Which Sub Registrar Office covers Manimegalai 2nd Street?

The Sub Registrar Office that covers Manimegalai 2nd 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 details.

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

The guideline value is a crucial factor when registering property transactions in Pallikaranai. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Manimegalai 2nd Street?

The current guideline value of Manimegalai 2nd 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 1442% over this period.

What is the stamp duty for property in Manimegalai 2nd Street?

The stamp duty for property in Manimegalai 2nd Street is 7% of the guideline value. For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500.

Where can I find the Sub Registrar Office for Manimegalai 2nd Street?

The Sub Registrar Office for Manimegalai 2nd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What are the other streets with the same guideline value in Pallikaranai?

Other streets in Pallikaranai with the same guideline value of Rs 1,650 per sq.ft include Manimegalai 2nd Cross Street, Manimegalai 1st Street, Manimegalai Nagar, Manimegalai Nagar Extn., MANIMEKALAI 1st ST. EXT, and MANIMEKALAI 3rd ST.