Guideline Value for Manickam Nagar

Manickam Nagar guideline value

The current guideline value of Manickam Nagar is Rs 825 per sq.ft, effective from 1 July 2024. This area is located in Melamaiyur village, under the Chengleput Joint I SRO, and is classified as Residential Class I Type - I.

How the guideline value of Manickam Nagar has changed

Over the years, the guideline value of Manickam Nagar has seen several revisions. The 2007 revision set the value at Rs 333 per sq.ft, which increased to Rs 750 per sq.ft in 2012, marking a significant rise of 125%. However, the value then decreased by 33% to Rs 502 per sq.ft in 2017. The subsequent revision in 2023 brought the value to Rs 750 per sq.ft, and the latest revision in 2024 has increased it to Rs 825 per sq.ft, reflecting a 10% rise.

From 2017 to 2023, there was a 49% increase in the guideline value, and overall, from 2007 to 2024, the increase stands at 148%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Melamaiyur

In Melamaiyur village, there are 37 streets under the Chengleput Joint I SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 3,000 per sq.ft. The median value for these streets is Rs 1,212 per sq.ft, placing Manickam Nagar's 2024 figure below this median.

• Manogari Avenue: Rs 1,650 per sq.ft (2024)
• Melamaiyur Colony: Rs 440 per sq.ft (2024)
• Melamaiyur New Colony: Rs 1,322 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,212 per sq.ft (2024)
• Lake Avenue: Rs 1,322 per sq.ft (2024)
• Nandhagopal Nagar: Rs 1,322 per sq.ft (2024)

Stamp duty and registration fee for property in Manickam Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 825 per sq.ft, the total guideline value would be Rs 8,25,000. The stamp duty at 7% would amount to Rs 57,750, and the registration fee at 2% would be Rs 16,500, bringing the total fees together to Rs 74,250. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Manickam Nagar?

The Sub Registrar Office that covers Manickam Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, 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 Melamaiyur

The guideline value serves as a benchmark for property transactions in Melamaiyur, determining the minimum value at which properties can be registered. When buying or selling property, this value is crucial for calculating the stamp duty and registration fees that need to be paid at the time of registration.

It is important for buyers and sellers to be aware of the guideline value to ensure compliance with legal requirements during property transactions. This value is updated periodically, reflecting changes in the real estate market and local development.

Frequently asked questions

What is the current guideline value of Manickam Nagar?

The current guideline value of Manickam Nagar is Rs 825 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 333 per sq.ft in 2007 to Rs 825 per sq.ft in 2024, marking an overall increase of 148% over the years.

What is the land classification of Manickam Nagar?

Manickam Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Chengleput Joint I SRO?

The Chengleput Joint I Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Manickam Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 8,25,000 would incur a stamp duty of Rs 57,750 at 7%.