Guideline Value for Manikandan Nagar

Manikandan Nagar guideline value

The current guideline value of Manikandan Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village, under the Sembiam Sub Registrar Office (SRO). The land classification for this street is Residential Class I Type - I.

How the guideline value of Manikandan Nagar has changed

The guideline value for Manikandan Nagar has seen several revisions over the years. The earliest recorded figure is from 2003, where the value was Rs 388 per sq.ft. This increased to Rs 900 per sq.ft in 2007, marking a significant rise of 132%. In 2012, the value was revised to Rs 3,000 per sq.ft, which represented a substantial increase of 233%. However, this figure dropped to Rs 2,010 per sq.ft in 2017, a decrease of 33%. The value then rose to Rs 3,000 per sq.ft in 2023, followed by the current rate of Rs 3,300 per sq.ft from the 2024 revision, reflecting a 10% increase.

It is important to note that there is no recorded figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 751%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is equal to the current guideline value of Manikandan Nagar.

• Mangali Neethiman Nagar 8th Street: Rs 3,300 per sq.ft (2024)
• Mangali Neethiman Nagar 7th Street: Rs 3,300 per sq.ft (2024)
• Mangali Neethiman Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Mangali Neethiman Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Mangali Neethiman Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Mangali Neethiman Nagar 3rd Street: 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for your calculations.

Which Sub Registrar Office covers Manikandan Nagar?

The Sub Registrar Office that covers Manikandan Nagar is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Kolathur, as it determines the minimum value at which properties can be registered. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the official valuation of the property.

When a property transaction occurs, the guideline value helps in establishing a fair price for registration purposes. Buyers and sellers must consider this value to avoid discrepancies during the registration process, as the authorities will refer to the guideline value to determine the applicable charges.

Frequently asked questions

What is the current guideline value of Manikandan Nagar?

The current guideline value of Manikandan Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 388 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 751% over the years.

What is the land classification for Manikandan Nagar?

The land classification for Manikandan Nagar is Residential Class I Type - I.

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

The Sub Registrar Office covering Manikandan Nagar is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in Manikandan Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000, with stamp duty at 7% amounting to Rs 2,31,000.