Guideline Value for Manikandan 2nd Street

Manikandan 2nd Street guideline value

The current guideline value of Manikandan 2nd Street is Rs 3,850 per sq.ft. 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 Street has changed

The guideline value for Manikandan 2nd Street has undergone 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 to Rs 3,850 per sq.ft in the 2024 revision, marking a change of +10%.

Prior to the 2023 revision, there were no figures available for this street in the register. The most recent revision reflects the current value and indicates a significant increase compared to the previous year.

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 value is Rs 2,750 per sq.ft, placing the 2024 guideline value of Manikandan 2nd Street above this median.

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

Stamp duty and registration fee for property in Manikandan 2nd 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 guideline value or the sale price, whichever is higher.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Manikandan 2nd Street?

The Sub Registrar Office that covers Manikandan 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that must be paid at the time of registration.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, as it is the basis for calculating the applicable fees. This helps maintain transparency and consistency in property dealings.

Frequently asked questions

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

The current guideline value of Manikandan 2nd Street is Rs 3,850 per sq.ft as per the 2024 revision.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, reflecting a +10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What are the guideline values of other streets in Madipakkam-1?

Other streets in Madipakkam-1 have a guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with the median being Rs 2,750 per sq.ft. Manikandan 2nd Street's value is above this median.

How is the stamp duty calculated for properties in Manikandan 2nd Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft property at the current rate would incur a stamp duty of Rs 2,69,500.

Where is the Sub Registrar Office for Manikandan 2nd Street located?

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