Guideline Value for Manickam Street (W.M)

Manickam Street (W.M) guideline value

The current guideline value for Manickam Street (W.M) is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village under the Ashok Nagar SRO and is classified as Residential Class III Type - I.

How the guideline value of Manickam Street (W.M) has changed

Over the years, the guideline value for Manickam Street (W.M) has seen significant changes. The 2007 revision set the value at Rs 800 per sq.ft, which increased dramatically to Rs 3,350 per sq.ft in 2017. This marked a substantial rise of 319%. Following this, the value further increased to Rs 5,000 per sq.ft in 2023, reflecting a 49% increase from the previous revision. The most recent revision in 2024 has set the guideline value at Rs 5,500 per sq.ft, which is a 10% increase from 2023.

It is important to note that the register has no figures for the years 2002, 2003, and 2012 for this street. Overall, from 2007 to 2024, the guideline value has increased by 588%.

Guideline values in Kodambakkam

Kodambakkam village has a total of 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing Manickam Street (W.M) above this median with its current value of Rs 5,500 per sq.ft.

• Manickam Street (Muthurangam Block): Rs 4,100 per sq.ft (2024)
• Manikkavasagar Street: Rs 4,100 per sq.ft (2024)
• Manimegalai Street: Rs 3,300 per sq.ft (2024)
• Mangai Street: Rs 4,900 per sq.ft (2024)
• Mangai Nagar: Rs 4,900 per sq.ft (2024)
• Manthoppu Colony: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Manickam Street (W.M)

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees to Rs 4,95,000. Please note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Manickam Street (W.M)?

The Sub Registrar Office that covers Manickam Street (W.M) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kodambakkam. It serves as the basis for calculating the stamp duty and registration fees, ensuring that the transaction is recorded accurately and legally.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Manickam Street (W.M)?

The current guideline value of Manickam Street (W.M) is Rs 5,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased significantly from Rs 800 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, representing an overall increase of 588%.

What is the land classification of Manickam Street (W.M)?

Manickam Street (W.M) is classified as Residential Class III Type - I.

Where is the Ashok Nagar Sub Registrar Office located?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for properties in Kodambakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. This ensures that the appropriate fees are collected during the registration process.