Guideline Value for MANIMEGALAI STREET

Manimegalai Street guideline value

The current guideline value of Manimegalai Street in Perungudi village, under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. The land classification for this street is Residential Class III Type - I.

How the guideline value of Manimegalai Street has changed

The guideline value for Manimegalai Street has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 264 per sq.ft. This figure increased significantly to Rs 650 per sq.ft in 2003, marking a change of +146%. The value continued to rise, reaching Rs 800 per sq.ft in 2007, which was an increase of +23%. However, in 2012, the value was recorded at Rs 2,500 per sq.ft, which represented a decrease of -33% from the previous revision.

From 2012 to 2017, the guideline value remained at Rs 2,500 per sq.ft. The next revision in 2017 saw a substantial increase to Rs 1,675 per sq.ft, reflecting a change of +49%. The most recent revisions show that the value increased to Rs 2,500 per sq.ft in 2023, before rising to the current figure of Rs 2,800 per sq.ft in 2024, which is a +12% increase.

Guideline values in Perungudi

In Perungudi, there are 249 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Manimegalai Street's current figure below that median.

• M.G.R.Netunchalai North (Veeranam Road North): Rs 7,200 per sq.ft (2024)
• M.G.R.Netunchalai South (Veeranam Road South): Rs 7,200 per sq.ft (2024)
• Lal Bahathur Sastri Street: Rs 3,300 per sq.ft (2024)
• Lakshmanan Nagar & Main Road: Rs 5,500 per sq.ft (2024)
• Lakshmana Nagar C.B.I.Colony: Rs 5,500 per sq.ft (2024)
• Lakshmanan 2nd (Cross) Street: Rs 5,500 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 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total charges to Rs 2,52,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

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. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Perungudi. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration laws.

When a property transaction occurs, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. 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 Street?

The current guideline value of Manimegalai Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 264 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, marking an overall increase of +961% over the years.

What are the stamp duty rates for property transactions?

The stamp duty rate is 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same value.

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 for Manimegalai Street?

The land classification for Manimegalai Street is Residential Class III Type - I.