Guideline Value for MASILAMANI NAICKER STREET

Masilamani Naicker Street guideline value

The current guideline value of Masilamani Naicker Street is Rs 2,800 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 III Type - I.

How the guideline value of Masilamani Naicker Street has changed

The guideline value for Masilamani Naicker Street has seen several revisions over the years. In 2007, the value was Rs 1,000 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, there was a decrease to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023 and is now Rs 2,800 per sq.ft as per the 2024 revision. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased by 49%. The most recent change from 2023 to 2024 reflects a 12% increase. Overall, from 2007 to 2024, the guideline value has increased by 180%.

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 in this area is Rs 3,300 per sq.ft, placing Masilamani Naicker Street's 2024 figure below this median.

• Mayor Stalin Street: Rs 2,800 per sq.ft (2024)
• Marika Nagar: Rs 6,100 per sq.ft (2024)
• Ma.Po.See. Street(Near Ecr): Rs 2,800 per sq.ft (2024)
• Ma.Po.See. Street Extension: Rs 2,800 per sq.ft (2024)
• Meetpar Chruch 1st Street: Rs 3,900 per sq.ft (2024)
• Meetpar Church 1st Cross Road: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Masilamani Naicker Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 28,00,000. The stamp duty, charged at 7%, would be Rs 1,96,000, while the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Masilamani Naicker Street?

The Sub Registrar Office that covers Masilamani Naicker 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 information.

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

The guideline value is a crucial factor when buying or selling property in Palavakkam, as it determines the minimum price at which a property can be registered. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements.

When a property is sold, 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.

Frequently asked questions

What is the current guideline value of Masilamani Naicker Street?

The current guideline value of Masilamani Naicker 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 changed from Rs 1,000 per sq.ft in 2007 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 180% over the years.

What is the land classification of Masilamani Naicker Street?

Masilamani Naicker Street is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for this street?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total of Rs 2,52,000 in fees.