Guideline Value for Manickavasakar Street

Manickavasakar Street guideline value

The current guideline value of Manickavasakar Street is Rs 880 per sq.ft, effective from 1 July 2024. This street is located in Rajakilpakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Manickavasakar Street has changed

The guideline value for Manickavasakar Street has undergone several revisions over the years. The 2012 revision set the value at Rs 600 per sq.ft, which then decreased to Rs 402 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 600 per sq.ft, and the most recent 2024 revision has raised it to Rs 880 per sq.ft. The changes between revisions are as follows: from 2012 to 2017, there was a decrease of 33%, while from 2017 to 2023, the value increased by 49%. The jump from 2023 to 2024 reflects an increase of 47%.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for Manickavasakar Street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 47%.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 5,000 per sq.ft. The median guideline value for these streets is Rs 2,150 per sq.ft, placing Manickavasakar Street's 2024 figure below this median.

• Maniammai Street: Rs 1,300 per sq.ft (2024)
• Maniammai 1st Street: Rs 1,300 per sq.ft (2024)
• Manimekalai Street: Rs 1,600 per sq.ft (2024)
• Maraimalai Adikal Street: Rs 1,900 per sq.ft (2024)
• Maruthi Nagar: Rs 3,750 per sq.ft (2024)
• Maruthi Nagar 1st Cross Street: Rs 3,750 per sq.ft (2024)

Stamp duty and registration fee for property in Manickavasakar Street

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 cost for these fees to Rs 79,200. It is important to note that 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 Manickavasakar Street?

The Sub Registrar Office that covers Manickavasakar Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Rajakilpakkam

The guideline value plays a crucial role in property transactions in Rajakilpakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure compliance with the registration process.

When a property is registered, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Manickavasakar Street?

The current guideline value of Manickavasakar Street 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 600 per sq.ft in 2012 to Rs 402 per sq.ft in 2017, then back to Rs 600 per sq.ft in 2023, and finally to Rs 880 per sq.ft in 2024.

What is the median guideline value in Rajakilpakkam?

The median guideline value for streets in Rajakilpakkam is Rs 2,150 per sq.ft, making the guideline value of Manickavasakar Street below this median.

What fees are applicable when registering property in Manickavasakar Street?

When registering property in Manickavasakar Street, the stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Manickavasakar Street located?

The Sub Registrar Office for Manickavasakar Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.