Guideline Value for Manikandan 1st Street

Manikandan 1st Street guideline value

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

How the guideline value of Manikandan 1st Street has changed

The guideline value for Manikandan 1st Street has seen several revisions over the years. In 2017, the guideline value was Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for Manikandan 1st Street in the register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 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 Manikandan 1st Street's 2024 figure above the median.

• Manikandan 1st Cross 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 Street

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 at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Manikandan 1st Street?

The Sub Registrar Office that covers 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 during the registration process when buying or selling property. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

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

The current guideline value of Manikandan 1st 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 3,500 per sq.ft in 2023, and then to Rs 3,850 per sq.ft in 2024. This reflects an overall increase of 64% from 2017 to 2024.

What is the land classification of Manikandan 1st Street?

Manikandan 1st Street is classified as Residential Class I Type - I. This classification is important for understanding the zoning and permissible uses of the property.

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. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in Manikandan 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 38,50,000, the stamp duty at 7% would be Rs 2,69,500.