Guideline Value for Manickam Nagar

Manickam Nagar guideline value

The current guideline value of Manickam Nagar, located in Kolumanivakkam village under the Kunrathur SRO, is Rs 880 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - III.

How the guideline value of Manickam Nagar has changed

The guideline value for Manickam Nagar has seen significant changes over the years. In 2007, the guideline value was Rs 200 per sq.ft, which increased to Rs 800 per sq.ft in 2012. However, it then decreased to Rs 536 per sq.ft in 2017. The subsequent revisions saw the value rise to Rs 800 per sq.ft in 2023 and then to Rs 880 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 340%. The revisions for 2002 and 2003 do not have any figures available for this street in the register.

Guideline values in Kolumanivakkam

In Kolumanivakkam, there are 47 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 3,290 per sq.ft, with a median value of Rs 1,350 per sq.ft. The guideline value for Manickam Nagar is below this median.

• Mahalakshmi Nagar Extension: Rs 1,210 per sq.ft (2024)
• Mahalakshmi Nagar Annexe III: Rs 2,630 per sq.ft (2024)
• Mahalakshmi Nagar Annexe II: Rs 1,350 per sq.ft (2024)
• Mahalakshmi Nagar / Annexe: Rs 1,210 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,350 per sq.ft (2024)
• Kumari Nagar: Rs 1,350 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 880 per sq.ft, the total guideline value amounts to Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, bringing the total fees to Rs 79,200. It is important to note that the 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 Manickam Nagar?

The Sub Registrar Office that covers Manickam Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Kolumanivakkam. 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 a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the actual sale price. This ensures that all transactions are fairly assessed and that the government collects the necessary taxes on property transfers.

Frequently asked questions

What is the current guideline value of Manickam Nagar?

The current guideline value of Manickam Nagar is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 880 per sq.ft in 2024, marking an overall increase of 340% over the years.

What are the stamp duty and registration fees for property in Manickam Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees amount to Rs 79,200 based on the current guideline value.

Which Sub Registrar Office handles registrations for Manickam Nagar?

The Kunrathur Sub Registrar Office handles registrations for Manickam Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.

What is the land classification of Manickam Nagar?

Manickam Nagar is classified as Residential Special Type - III, indicating its designated use for residential purposes.