Guideline Value for MANIMEGALAI NAGAR EXTN.

Manimegalai Nagar Extn. guideline value

The current guideline value of Manimegalai Nagar Extn. is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village, under the Chennai South Joint I SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Manimegalai Nagar Extn. has changed

The guideline value for Manimegalai Nagar Extn. has undergone several revisions over the years. Starting from Rs 79 per sq.ft in 2002, it increased to Rs 100 per sq.ft in 2003, marking a 27% rise. The value then saw a significant jump to Rs 400 per sq.ft in 2007, which is a 300% increase. By 2012, the value reached Rs 1,500 per sq.ft, reflecting a 275% increase from the previous revision. However, in 2017, it decreased to Rs 1,005 per sq.ft, showing a decline of 33%. The most recent revision in 2024 brought the value back up to Rs 1,650 per sq.ft, which is a 64% increase from 2017. The register has no figure for this street in 2023.

Overall, from 2002 to 2024, the guideline value has increased by 1989%. This shows a significant upward trend in the valuation of properties in this area over the years.

Guideline values in Pallikaranai

In Pallikaranai, there are 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 the same as the current value for Manimegalai Nagar Extn.

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

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 is calculated at 7%, which is Rs 1,15,500, and the registration fee at 2% amounts to Rs 33,000. Together, the total cost for stamp duty and registration fee is Rs 1,48,500. It is important to note that 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 Manimegalai Nagar Extn.?

The Sub Registrar Office that covers Manimegalai Nagar Extn. 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 further assistance.

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

The guideline value is a crucial factor in the registration process of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the legal valuation of the property. This ensures transparency in transactions and helps in avoiding disputes related to property value during registration.

Frequently asked questions

What is the current guideline value of Manimegalai Nagar Extn.?

The current guideline value of Manimegalai Nagar Extn. 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 79 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 1989% over this period.

What is the registration office for Manimegalai Nagar Extn.?

The registration office for Manimegalai Nagar Extn. 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.

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

For a property valued at Rs 16,50,000, the stamp duty is Rs 1,15,500 and the registration fee is Rs 33,000, totaling Rs 1,48,500.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is based on various factors, including location and land classification. It is revised periodically to reflect changes in the real estate market.