Guideline Value for Manikandan 2nd Cross Street

Manikandan 2nd Cross Street guideline value

The current guideline value of Manikandan 2nd Cross 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 2nd Cross Street has changed

The guideline value for Manikandan 2nd Cross Street has seen changes through various revisions. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the value was Rs 3,500 per sq.ft, which increased to Rs 3,850 per sq.ft in the 2024 revision, marking a change of +10%.

With the 2024 revision, the current guideline value stands at Rs 3,850 per sq.ft. This reflects the latest adjustments made to property values in the area.

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 village is Rs 2,750 per sq.ft, placing Manikandan 2nd Cross Street above this median.

• Manikandan 1st Street(Ram Nagar Main Road): Rs 3,850 per sq.ft (2024)
• Manikandan 2nd Street: Rs 3,850 per sq.ft (2024)
• Manikandan 1st Street: Rs 3,850 per sq.ft (2024)
• Manikandan 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Manikandan 1st 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 2nd 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, totaling Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Manikandan 2nd Cross Street?

The Sub Registrar Office that covers Manikandan 2nd 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 information.

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

The guideline value is a crucial factor during property transactions in Madipakkam-1, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations.

When registering a property, the guideline value serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is recorded at a fair value as per the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Manikandan 2nd Cross Street?

The current guideline value of Manikandan 2nd 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 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, marking a change of +10%. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What are the other streets in Madipakkam-1 with the same guideline value?

Other streets in Madipakkam-1, such as Manikandan 1st Street, Manikandan 2nd Street, Manikandan 3rd Cross Street, and others, also have a guideline value of Rs 3,850 per sq.ft as of 2024.

How is the stamp duty calculated for properties in this area?

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

Where can I find the Sub Registrar Office for Manikandan 2nd Cross Street?

The Velacheri Sub Registrar Office, which covers Manikandan 2nd Cross Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.