Guideline Value for MANIMEKALAI NAGAR

Manimekalai Nagar guideline value

The current guideline value of Manimekalai Nagar is Rs 1,700 per sq.ft, effective from 1 July 2024. This area is located in Karapakkam village under the Neelankarai SRO, classified as Residential Class II Type - III.

How the guideline value of Manimekalai Nagar has changed

In the 2007 revision, the guideline value was Rs 125 per sq.ft, which saw a significant increase to Rs 1,500 per sq.ft in 2012. However, in the 2017 revision, the value decreased to Rs 1,005 per sq.ft, only to rise again to Rs 1,500 per sq.ft in 2023. The latest revision in 2024 has set the guideline value at Rs 1,700 per sq.ft, marking a 13% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 1260%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Karapakkam

In Karapakkam village, there are 185 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 10,700 per sq.ft. The median guideline value is Rs 1,700 per sq.ft, which is equal to the current value of Manimekalai Nagar.

• Marg Ltd.,: Rs 3,000 per sq.ft (2024)
• Mariyadoss Garden: Rs 1,100 per sq.ft (2024)
• M.A.Vaithilingam Road: Rs 1,000 per sq.ft (2024)
• Mayana Salai: Rs 1,000 per sq.ft (2024)
• Mahatma Gandhi Street: Rs 2,200 per sq.ft (2024)
• MAHATMA GANDHI 2nd CROSS STREET: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Manimekalai Nagar

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 cost together to Rs 1,53,000. It is important to note that 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 details.

Which Sub Registrar Office covers Manimekalai Nagar?

The Sub Registrar Office that covers Manimekalai Nagar 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 specific SRO, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Karapakkam. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives its due revenue from property transactions.

When buying or selling property, the guideline value helps in determining the fair value of the property for taxation purposes. Buyers and sellers must be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Manimekalai Nagar?

The current guideline value of Manimekalai Nagar 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 seen several revisions, starting from Rs 125 per sq.ft in 2007 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 1260% over the years.

What is the land classification of Manimekalai Nagar?

Manimekalai Nagar is classified as Residential Class II Type - III, indicating its suitability for residential development.

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.

How is the stamp duty calculated in Manimekalai Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, on a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000 at 7%.