Guideline Value for Manavalan 1st Cross Street (Vetri Nagar Extension)

Manavalan 1st Cross Street (Vetri Nagar Extension) guideline value

The current guideline value of Manavalan 1st Cross Street (Vetri Nagar Extension) is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village and falls under the Sembiam SRO, classified as Residential Class I Type - I.

How the guideline value of Manavalan 1st Cross Street (Vetri Nagar Extension) has changed

The guideline value for Manavalan 1st Cross Street has seen several revisions over the years. The earliest recorded figure is from 2007, which was Rs 1,000 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a 150% rise. However, in 2017, the value dropped to Rs 1,675 per sq.ft, a decrease of 33%. The value then rose sharply to Rs 2,500 per sq.ft in 2023, followed by a further increase to Rs 2,700 per sq.ft in 2024, reflecting an 8% change from the previous year. Notably, there are no figures available for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%, and overall, from 2007 to 2024, it has risen by 170%. This progression illustrates the fluctuations in the guideline value over the years, with the most recent figure being the highest recorded for this street.

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 for these streets is Rs 3,301 per sq.ft, indicating that the guideline value for Manavalan 1st Cross Street is below this median.

• Manavalam Street (Vetri Nagar): Rs 3,301 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 Manavalan 1st Cross Street (Vetri Nagar Extension)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost to Rs 2,43,000. 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 more detailed calculations.

Which Sub Registrar Office covers Manavalan 1st Cross Street (Vetri Nagar Extension)?

The Sub Registrar Office that covers Manavalan 1st Cross Street (Vetri Nagar Extension) 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 government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these costs are based on the higher of the guideline value or the sale price, which ensures that the transaction is conducted fairly and transparently.

Frequently asked questions

What is the current guideline value of Manavalan 1st Cross Street?

The current guideline value of Manavalan 1st Cross Street (Vetri Nagar Extension) is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,000 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 170% over the years.

What is the median guideline value in Peravallur?

The median guideline value for streets in Peravallur is Rs 3,301 per sq.ft, which is higher than the current guideline value of Manavalan 1st Cross Street.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which office handles registrations for Manavalan 1st Cross Street?

The Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011, handles registrations for Manavalan 1st Cross Street.