Guideline Value for Manavalam Street (Vetri Nagar)

Manavalam Street (Vetri Nagar) guideline value

The current guideline value of Manavalam Street (Vetri Nagar) is Rs 3,301 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village under the Sembiam SRO, classified as Residential Special Type - II.

How the guideline value of Manavalam Street (Vetri Nagar) has changed

The guideline value for Manavalam Street (Vetri Nagar) has seen several revisions over the years. In 2002, the value was Rs 360 per sq.ft, which increased to Rs 427 per sq.ft in 2003. The next significant jump occurred in 2007 when the value rose to Rs 800 per sq.ft. Following this, the value surged to Rs 3,000 per sq.ft in 2012, before experiencing a decline to Rs 2,010 per sq.ft in 2017. The value then increased to Rs 3,000 per sq.ft in 2023, and finally, it reached Rs 3,301 per sq.ft in 2024.

Between these revisions, notable changes include a 19% increase from 2002 to 2003, an 87% increase from 2003 to 2007, a 275% increase from 2007 to 2012, a decrease of 33% from 2012 to 2017, and a 49% increase from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 817%.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median value is Rs 3,301 per sq.ft, which is the same as the guideline value for Manavalam Street (Vetri Nagar).

• Manavalan 1st Cross Street (Vetri Nagar Extension): Rs 2,700 per sq.ft (2024)
• Manavalan 2nd Cross Street (Vetri Nagar Extension): Rs 2,700 per sq.ft (2024)
• Manavalan Street (Vetri Nagar Extension): Rs 3,301 per sq.ft (2024)
• Markandaiyan Street (Jawahar Nagar): Rs 2,400 per sq.ft (2024)
• Markanda Naicken Street: Rs 2,400 per sq.ft (2024)
• Loganathan Street (Vetri Nagar Extension): Rs 3,301 per sq.ft (2024)

Stamp duty and registration fee for property in Manavalam Street (Vetri Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,301 per sq.ft, the total guideline value would be Rs 33,01,000. The stamp duty at 7% would amount to Rs 2,31,070, and the registration fee at 2% would be Rs 66,020, making the total Rs 2,97,090. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Manavalam Street (Vetri Nagar)?

The Sub Registrar Office that covers Manavalam Street (Vetri Nagar) is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Peravallur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair price.

When a buyer or seller engages in a property transaction, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Manavalam Street (Vetri Nagar)?

The current guideline value of Manavalam Street (Vetri Nagar) is Rs 3,301 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 360 per sq.ft in 2002 to Rs 3,301 per sq.ft in 2024, reflecting an overall increase of 817% over the years.

What is the land classification of Manavalam Street (Vetri Nagar)?

Manavalam Street (Vetri Nagar) is classified as Residential Special Type - II, which indicates its designated use for residential purposes.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles the registration of properties in the area.

How is the stamp duty calculated for properties in Manavalam Street (Vetri Nagar)?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 33,01,000 incurs a stamp duty of Rs 2,31,070 at a rate of 7%.