Guideline Value for Manikandan 1st Street(Ram Nagar Main Road)

Manikandan 1st Street(Ram Nagar Main Road) guideline value

The current guideline value of Manikandan 1st Street(Ram Nagar Main Road) is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in the Madipakkam-1 village under the Velacheri SRO and is classified as Residential Class I Type - I.

How the guideline value of Manikandan 1st Street(Ram Nagar Main Road) has changed

The guideline value for Manikandan 1st Street has seen several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 3,500 per sq.ft, which increased by 10% to Rs 3,850 per sq.ft in the 2024 revision.

This increase reflects a change from the previous year's value. The 2024 figure is the only one available for this street, following the revisions that have occurred in the recent years.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing the 2024 figure for Manikandan 1st Street above this median.

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

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

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Manikandan 1st Street(Ram Nagar Main Road)?

The Sub Registrar Office covering Manikandan 1st 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid to the government.

When a property transaction occurs, the guideline value is used to assess the applicable duties, ensuring that both the buyer and seller are aware of the financial obligations involved in the registration process.

Frequently asked questions

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

The current guideline value of Manikandan 1st Street(Ram Nagar Main Road) is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

From the 2023 revision to the 2024 revision, the guideline value increased from Rs 3,500 per sq.ft to Rs 3,850 per sq.ft, marking a 10% increase.

What is the land classification for Manikandan 1st Street?

Manikandan 1st Street is classified as Residential Class I Type - I, indicating its designation for residential purposes.

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.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total of Rs 3,46,500 in fees.