Guideline Value for Manikandan Nagar

Manikandan Nagar guideline value

The current guideline value of Manikandan Nagar is Rs 2,970 per sq.ft. This area is located in Hastinapuram village, under the Pallavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Manikandan Nagar has changed

Over the years, the guideline value of Manikandan Nagar has seen significant changes. The earliest recorded revision in 2007 set the value at Rs 525 per sq.ft, which increased dramatically to Rs 2,700 per sq.ft in 2012, marking a rise of 414%. However, from 2012 to 2017, the value decreased to Rs 1,809 per sq.ft, a decline of 33%. The subsequent revisions saw an increase to Rs 2,700 per sq.ft in 2023 and the current value of Rs 2,970 per sq.ft effective from 1 July 2024, reflecting a 10% increase from the previous year and a substantial 49% increase from 2017.

The register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 466%.

Guideline values in Hastinapuram

In Hastinapuram, a total of 277 streets are recorded under the Pallavaram SRO, with guideline values ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median guideline value is Rs 2,970 per sq.ft, which is the same as the current guideline value for Manikandan Nagar.

• Manickam Nayakkar Street: Rs 2,750 per sq.ft (2024)
• Manimegalai Street: Rs 2,970 per sq.ft (2024)
• Manickam Nagar: Rs 2,420 per sq.ft (2024)
• Ma.Po.Si.Nagar: Rs 2,970 per sq.ft (2024)
• Maragatham 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Maragatham 1st Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Manikandan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value would be Rs 29,70,000. The stamp duty at 7% would amount to Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, resulting in a total of Rs 2,67,300. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Manikandan Nagar?

The Sub Registrar Office that covers Manikandan Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Hastinapuram. It is used to determine the minimum value at which a property can be registered, ensuring that the transaction is transparent and fair.

When buying or selling property, the guideline value is essential for calculating stamp duty and registration fees. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher, impacting the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Manikandan Nagar?

The current guideline value of Manikandan Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value of Manikandan Nagar has increased from Rs 525 per sq.ft to Rs 2,970 per sq.ft in 2024, marking an overall increase of 466%.

What is the land classification of Manikandan Nagar?

Manikandan Nagar is classified as Residential Class I Type - I, which indicates its suitability for residential purposes.

Where can I find the Sub Registrar Office for Manikandan Nagar?

The Sub Registrar Office for Manikandan Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, within the Chengalpattu registration zone.

How is the stamp duty calculated for properties in Manikandan Nagar?

Stamp duty for properties in Manikandan Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.