Guideline Value for MANIMEGALAI STREET

Manimegalai Street guideline value

The current guideline value of Manimegalai Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Manimegalai Street has changed

The guideline value for Manimegalai Street has seen several revisions over the years. In 2002, the value was Rs 147 per sq.ft, which increased significantly to Rs 165 per sq.ft in 2003, marking a change of +12%. The value then surged dramatically to Rs 700 per sq.ft in 2007, reflecting a substantial increase of +324%. Following this, the 2012 revision set the value at Rs 1,500 per sq.ft, showing an increase of +114% from the previous revision. However, in 2017, the value dropped to Rs 1,005 per sq.ft, a decrease of -33%.

In 2023, the guideline value rose to Rs 1,500 per sq.ft, and with the latest revision in 2024, it has reached Rs 1,700 per sq.ft, representing a change of +13%. Overall, from 2002 to 2024, the guideline value has increased by +1056%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, indicating that Manimegalai Street's 2024 figure is below this median.

• Maniyammai St: Rs 2,200 per sq.ft (2024)
• Ma.Po.See. Street Extension: Rs 2,800 per sq.ft (2024)
• Ma.Po.See. Street(Near Ecr): Rs 2,800 per sq.ft (2024)
• Marika Nagar: Rs 6,100 per sq.ft (2024)
• Masilamani Naicker Street: Rs 2,800 per sq.ft (2024)
• Mayor Stalin Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Manimegalai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Manimegalai Street?

The Sub Registrar Office that covers Manimegalai 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 Palavakkam

The guideline value plays a crucial role when buying or selling property in Palavakkam. It is used to determine the stamp duty and registration fees that need to be paid at the time of property registration. Buyers should be aware that the guideline value can influence the overall cost of the transaction.

When a property is sold, the guideline value helps in assessing the legal value of the property, ensuring that all parties are aware of the official valuation as per the local regulations. This is particularly important for compliance with government regulations and for the calculation of taxes.

Frequently asked questions

What is the current guideline value of Manimegalai Street?

The current guideline value of Manimegalai Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 147 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, showing an overall increase of +1056% over the years.

What are the registration fees for properties on Manimegalai Street?

The registration fees for properties on Manimegalai Street include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification of Manimegalai Street?

Manimegalai Street is classified as Residential Class IV Type - II, indicating its designated use for residential purposes.