Guideline Value for Manickam Nayakkar Street

Manickam Nayakkar Street guideline value

The current guideline value of Manickam Nayakkar Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Hastinapuram village under the Pallavaram SRO and is classified as Residential Class II Type - II.

How the guideline value of Manickam Nayakkar Street has changed

The guideline value for Manickam Nayakkar Street has undergone several revisions over the years. The earliest recorded figure was Rs 525 per sq.ft in 2007. This value saw a significant increase to Rs 2,500 per sq.ft in 2012, marking a rise of 376%. However, it then decreased to Rs 1,675 per sq.ft in 2017, reflecting a drop of 33%. The subsequent revision in 2023 raised the value to Rs 2,500 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 2,750 per sq.ft, an increase of 10% from the previous year.

It is important to note that there are no recorded figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 424%.

Guideline values in Hastinapuram

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

• Manickam Nagar: Rs 2,420 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 Nayakkar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. 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 information on fees.

Which Sub Registrar Office covers Manickam Nayakkar Street?

The Sub Registrar Office that covers Manickam Nayakkar Street 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 details.

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

The guideline value is a crucial factor during the registration of property transactions in Hastinapuram. It serves as a reference point for determining the minimum value at which a property can be registered, ensuring that the transaction is transparent and fair.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Manickam Nayakkar Street?

The current guideline value of Manickam Nayakkar Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 525 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, with several revisions in between. The most significant increase occurred from 2007 to 2012, and again from 2017 to 2023.

What is the median guideline value for streets in Hastinapuram?

The median guideline value for streets in Hastinapuram is Rs 2,970 per sq.ft for the year 2024. Manickam Nayakkar Street's guideline value is below this median.

What are the stamp duty and registration fees for properties on this street?

For a property with a guideline value of Rs 2,750 per sq.ft, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000 for a 1,000 sq.ft plot, totaling Rs 2,47,500.

Which office handles property registrations for Manickam Nayakkar Street?

The Pallavaram Sub Registrar Office handles property registrations for Manickam Nayakkar Street. It is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.