Guideline Value for Manikandan 1st Cross Street

Manikandan 1st Cross Street guideline value

The current guideline value of Manikandan 1st Cross Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Manikandan 1st Cross Street has changed

The guideline value for Manikandan 1st Cross Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, which is an increase of 10% from Rs 3,500 per sq.ft in the 2023 revision. Prior to that, the 2017 revision recorded a value of Rs 2,345 per sq.ft, marking a significant increase of 49% over the six years leading to 2023.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, making the current value of Manikandan 1st Cross Street above that median.

• Manikandan 1st Street: Rs 3,850 per sq.ft (2024)
• Manikandan 1st Street(Ram Nagar Main Road): Rs 3,850 per sq.ft (2024)
• Manikandan 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Manikandan 2nd Street: Rs 3,850 per sq.ft (2024)
• Manikandan 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Manikandan 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Manikandan 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total charges to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Manikandan 1st Cross Street?

The Sub Registrar Office covering Manikandan 1st Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor when registering property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum price at which a property can be sold or purchased, ensuring that the transaction is recorded at a fair value.

When you buy or sell property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory costs associated with the transaction. These fees are based on the higher amount between the guideline value and the actual sale price.

Frequently asked questions

What is the current guideline value of Manikandan 1st Cross Street?

The current guideline value of Manikandan 1st Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, reflecting a total increase of 64% over this period.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Manikandan 1st Cross Street is 7% of the guideline value or the sale price, whichever is higher.

What is the registration fee for property transactions?

The registration fee for property transactions in this area is 2% of the guideline value or the sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.