Guideline Value for Manikandan Lane

Manikandan Lane guideline value

The current guideline value of Manikandan Lane in Tondaiarpet village, under the Royapuram SRO, is Rs 2,200 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 Lane has changed

Over the years, the guideline value of Manikandan Lane has seen several revisions. The 2007 revision set the value at Rs 900 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012. However, in the 2017 revision, the value decreased to Rs 1,340 per sq.ft. The following revisions saw an increase, with the 2023 revision at Rs 2,000 per sq.ft and the current 2024 revision at Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. The overall change from 2007 to 2024 reflects a substantial increase of 144%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Manikandan Lane's 2024 figure above this median.

• Manigandan 8th Street: Rs 2,200 per sq.ft (2024)
• Manigandan 7th Street: Rs 2,200 per sq.ft (2024)
• Manigandan 6th Street: Rs 2,200 per sq.ft (2024)
• Manigandan 5th Street: Rs 2,200 per sq.ft (2024)
• Manigandan 4th Street: Rs 2,200 per sq.ft (2024)
• Manigandan 3rd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Manikandan Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, resulting in a total of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Manikandan Lane?

The Sub Registrar Office covering Manikandan Lane is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. To find your SRO, click here.

How the guideline value is used when you buy or sell in Tondaiarpet

The guideline value is a crucial factor when registering property transactions in Tondaiarpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official register.

When buying or selling property, the guideline value influences the stamp duty and registration fees, which are calculated based on this value. Buyers should be aware that these costs can significantly affect the overall expense of purchasing property in the area.

Frequently asked questions

What is the current guideline value of Manikandan Lane?

The current guideline value of Manikandan Lane is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, with several revisions in between, including a decrease in 2017 and increases in subsequent years.

What is the land classification for Manikandan Lane?

Manikandan Lane is classified under Residential Class I Type - I, indicating its suitability for residential development.

Where is the Royapuram Sub Registrar Office located?

The Royapuram Sub Registrar Office is located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 2,200 per sq.ft incurs a total guideline value of Rs 22,00,000, leading to specific fees based on this amount.