Guideline Value for MANTHAVELI CROSS STREET

Manthaveli Cross Street guideline value

The current guideline value of Manthaveli Cross Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Karambakkam village under the Chennai South Joint I SRO, and it is classified as Residential Class IV Type - I.

How the guideline value of Manthaveli Cross Street has changed

Over the years, the guideline value of Manthaveli Cross Street has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which was a decrease of 33% from Rs 1,005 per sq.ft in 2017. In 2023, the value increased to Rs 1,500 per sq.ft, and the most recent 2024 revision raised it further to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Karambakkam

In Karambakkam, there are 159 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 1,930 per sq.ft, making the 2024 figure for Manthaveli Cross Street below this median.

• Manthaveli 1st Street: Rs 1,930 per sq.ft (2024)
• Manthaveli Main Road: Rs 1,930 per sq.ft (2024)
• Maragatham Nagar: Rs 1,930 per sq.ft (2024)
• Mandaveli Colony 1st & 2nd Street: Rs 1,930 per sq.ft (2024)
• Mahalskhmi Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Mahalakshmi Nagar Main Road: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Manthaveli Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the 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 Manthaveli Cross Street?

The Sub Registrar Office that covers Manthaveli Cross Street 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 information.

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

The guideline value is a critical component during the registration process when buying or selling property in Karambakkam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on an official valuation of the property.

When a property transaction occurs, the guideline value helps to establish a fair and transparent process for both buyers and sellers. It is essential for all parties involved to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Manthaveli Cross Street?

The current guideline value of Manthaveli Cross Street 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 1,500 per sq.ft in 2012 to Rs 1,650 per sq.ft in 2024, with notable increases in 2023 and 2017.

What is the land classification of Manthaveli Cross Street?

Manthaveli Cross Street is classified as Residential Class IV Type - I.

Where can I find the registration office for Manthaveli Cross Street?

The registration office for Manthaveli Cross Street is the Chennai South Joint I Sub Registrar Office, located in Fanepet Nandanam, Chennai.

How is the stamp duty calculated for properties in Manthaveli Cross Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 16,50,000 would incur a stamp duty of Rs 1,15,500.