Guideline Value for Manickam Nagar

Manickam Nagar guideline value

The current guideline value of Manickam Nagar, located in Hastinapuram village under the Pallavaram SRO, is Rs 2,420 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - III land classification.

How the guideline value of Manickam Nagar has changed

The guideline value for Manickam Nagar has seen several revisions over the years. Starting from Rs 700 per sq.ft in 2007, it increased significantly to Rs 2,200 per sq.ft in 2012, marking a 214% rise. However, it then decreased to Rs 1,474 per sq.ft in 2017, reflecting a 33% drop. The subsequent revision in 2023 saw the value rise to Rs 2,200 per sq.ft, and the latest revision in 2024 has set the value at Rs 2,420 per sq.ft, a 10% increase from the previous year.

In total, from the 2007 revision to the 2024 revision, the guideline value has increased by 246%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, indicating that the guideline value for Manickam Nagar is below this median.

• Manickam Nayakkar Street: Rs 2,750 per sq.ft (2024)
• Manikandan Nagar: Rs 2,970 per sq.ft (2024)
• Manimegalai Street: Rs 2,970 per sq.ft (2024)
• Ma.Po.Si.Nagar: Rs 2,970 per sq.ft (2024)
• Maragatham 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Maragatham 1st Main Road: Rs 3,300 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 2,420 per sq.ft, the total guideline value amounts to Rs 24,20,000. The stamp duty at 7% would be Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, making the total cost Rs 2,17,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Manickam Nagar?

The Sub Registrar Office that covers Manickam Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Hastinapuram. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that these costs are calculated based on the established rates.

When a property is registered, the guideline value serves as a baseline for the transaction price. Buyers and sellers must be aware of the guideline value to ensure compliance with the legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Manickam Nagar?

The current guideline value of Manickam Nagar is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 2,420 per sq.ft in 2024, marking an overall increase of 246% over the years.

What is the median guideline value in Hastinapuram?

The median guideline value in Hastinapuram is Rs 2,970 per sq.ft, with Manickam Nagar's value being below this median.

What are the stamp duty rates for properties in Manickam Nagar?

The stamp duty rate for properties in Manickam Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Manickam Nagar?

The Sub Registrar Office for Manickam Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.