Guideline Value for Manavala Nagar 1st Street

Manavala Nagar 1st Street guideline value

The current guideline value of Manavala Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Manavala Nagar 1st Street has changed

The guideline value for Manavala Nagar 1st Street has seen several revisions over the years. In 2007, the value was Rs 250 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a remarkable increase of 700%. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, a decline of 33%. The value then rose to Rs 2,000 per sq.ft in 2023, reflecting a significant increase of 49% over the previous revision. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, representing a 10% increase from the 2023 figure.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO with a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current value of Manavala Nagar 1st Street.

• Manavala Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Manavala Nagar: Rs 2,200 per sq.ft (2024)
• Manavala Nagar Annex: Rs 2,200 per sq.ft (2024)
• Manavala Nagar Extn: Rs 2,200 per sq.ft (2024)
• Manavala Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Mariamman Koil Cross Street: Rs 1,400 per sq.ft (2024)

Stamp duty and registration fee for property in Manavala Nagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Manavala Nagar 1st Street?

The Sub Registrar Office that covers Manavala Nagar 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Chembakkam. When buying or selling a property, the guideline value is used to determine the stamp duty and registration fees applicable during the registration process. It serves as a reference point for the government to ensure that transactions are conducted fairly and transparently.

During the registration of a property, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property in the market.

Frequently asked questions

What is the current guideline value of Manavala Nagar 1st Street?

The current guideline value of Manavala Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, which is an overall increase of 780% over the years.

What is the land classification of Manavala Nagar 1st Street?

Manavala Nagar 1st Street is classified as Residential Special Type - II.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in Manavala Nagar 1st Street?

Stamp duty for properties in Manavala Nagar 1st Street is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.