Guideline Value for MANIMEGALAI NAGAR

Manimegalai Nagar guideline value

The current guideline value of Manimegalai Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area 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 Nagar has changed

The guideline value of Manimegalai Nagar has undergone several revisions over the years. Starting from Rs 79 per sq.ft in 2002, it increased to Rs 100 in 2003, marking a 27% rise. The value then saw a significant jump to Rs 400 in 2007, which was a 300% increase. By 2012, the value rose to Rs 1,500 per sq.ft, reflecting a 275% increase from the previous figure. However, this was followed by a decrease to Rs 1,005 in 2017, representing a decline of 33%. The most recent revision in 2024 set the guideline value at Rs 1,650 per sq.ft, a 64% increase from 2017.

It is important to note that the register has no figure for the year 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 1989%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which is equal to the current guideline value of Manimegalai Nagar.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total 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 fees to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Manimegalai Nagar?

The Sub Registrar Office that covers Manimegalai Nagar 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 plays a crucial role in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Manimegalai Nagar?

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

What are the stamp duty and registration fees for property in Manimegalai Nagar?

For a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which Sub Registrar Office covers Manimegalai Nagar?

The Chennai South Joint I Sub Registrar Office covers Manimegalai Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Manimegalai Nagar?

The land classification for Manimegalai Nagar is Residential Class IV Type - I.