Guideline Value for Manavala Nagar Extn

Manavala Nagar Extn guideline value

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

How the guideline value of Manavala Nagar Extn has changed

Over the years, the guideline value of Manavala Nagar Extn has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent 2024 revision has raised it to Rs 2,200 per sq.ft. The revisions for the years 2002, 2003, and 2007 have no figures for this street in the register.

From 2017 to 2023, there was a significant increase of 49%, while the value increased by 10% from 2023 to 2024. In contrast, the value decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the current value for Manavala Nagar Extn.

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

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, totaling Rs 1,98,000. It is important to note that 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 Extn?

The Sub Registrar Office covering Manavala Nagar Extn 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 the registration of property transactions in Chembakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair valuation of the property. It is essential for buyers to be aware of the guideline value to avoid overpaying and for sellers to set a competitive price that aligns with the current market standards.

Frequently asked questions

What is the current guideline value of Manavala Nagar Extn?

The current guideline value of Manavala Nagar Extn 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Manavala Nagar Extn?

Manavala Nagar Extn is classified as Residential Special Type - II.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value or sale price.

Where is the Selaiyur Sub Registrar Office located?

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