Guideline Value for Manavala Nagar 2nd Street

Manavala Nagar 2nd Street guideline value

The current guideline value of Manavala Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - II.

How the guideline value of Manavala Nagar 2nd Street has changed

The guideline value for Manavala Nagar 2nd Street has seen several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 250 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, reflecting a 700% rise. However, it then decreased to Rs 1,340 per sq.ft in 2017, marking a decline of 33%. The value rose again to Rs 2,000 per sq.ft in 2023, and most recently, it has reached Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 780%.

Guideline values in Chembakkam

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

• Manavala Nagar 1st Street: 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: 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 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value would be 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, totaling 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 use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Manavala Nagar 2nd Street?

The Sub Registrar Office that covers Manavala Nagar 2nd 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. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Chembakkam. It serves as a benchmark for determining the minimum value of a property, which is used to calculate stamp duty and registration fees. Buyers and sellers must be aware of this value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value helps to establish a fair price for the transaction. It ensures that the government receives the appropriate taxes based on the value of the property being transferred. Understanding the guideline value is essential for anyone looking to buy or sell property in the area.

Frequently asked questions

What is the current guideline value of Manavala Nagar 2nd Street?

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

How much 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, marking an overall increase of 780% over the years.

What is the land classification for Manavala Nagar 2nd Street?

Manavala Nagar 2nd Street is classified as Residential Special Type - II.

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

The Sub Registrar Office covering Manavala Nagar 2nd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is stamp duty calculated for property transactions?

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