Guideline Value for Manikandan Nagar

Manikandan Nagar guideline value

The current guideline value of Manikandan Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Chembarambakkam village, under the Poonamallee SRO, and is classified as Residential Class II Type - I.

How the guideline value of Manikandan Nagar has changed

Over the years, the guideline value of Manikandan Nagar has seen several revisions. The 2012 revision set the value at Rs 1,000 per sq.ft, which was then decreased to Rs 670 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,000 per sq.ft in the 2023 revision and further rose to Rs 1,100 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, while the value increased by 49% from 2017 to 2023. The overall change from 2012 to 2024 shows a 10% increase, reflecting the current guideline value of Rs 1,100 per sq.ft.

Guideline values in Chembarambakkam

In Chembarambakkam, there are 64 streets under the Poonamallee SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 4,000 per sq.ft. The median guideline value is Rs 1,100 per sq.ft, which is equal to the current figure for Manikandan Nagar.

• M.G.R Nagar: Rs 1,100 per sq.ft (2024)
• Mgr Nagar 100/1: Rs 878 per sq.ft (2024)
• Lime Light: Rs 2,300 per sq.ft (2024)
• Mithila: Rs 3,960 per sq.ft (2024)
• Lakshmipuram Annex: Rs 1,100 per sq.ft (2024)
• Nedunchalai: Rs 878 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 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total fees to Rs 99,000. 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 more details.

Which Sub Registrar Office covers Manikandan Nagar?

The Sub Registrar Office that covers Manikandan Nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Chembarambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. When buying or selling a property, the guideline value helps in calculating the applicable stamp duty and registration fees.

During the registration process, the guideline value ensures that the property is not undervalued, thereby safeguarding the interests of the government in terms of tax revenue. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration of property transactions.

Frequently asked questions

What is the current guideline value of Manikandan Nagar?

The current guideline value of Manikandan Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification of Manikandan Nagar?

Manikandan Nagar is classified as Residential Class II Type - I.

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

The Sub Registrar Office for Manikandan Nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

How is stamp duty calculated in Manikandan Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 at a rate of 7%.