Guideline Value for Manikandan Street

Manikandan Street guideline value

The current guideline value of Manikandan Street is Rs 3,850 per sq.ft, effective from 1 July 2024. 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 Street has changed

According to the guideline value register, there are no figures available for Manikandan Street for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision recorded a guideline value of Rs 3,500 per sq.ft, while the latest revision in 2024 shows an increase to Rs 3,850 per sq.ft, marking a change of +10%.

This increase reflects the adjustments made in the guideline value over the years. The 2024 figure of Rs 3,850 per sq.ft is the most recent and indicates the current valuation for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing Manikandan Street's 2024 figure above this median.

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

Stamp duty and registration fee for property in Manikandan 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 cost together to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Manikandan Street?

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

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

The guideline value serves as a benchmark for property transactions in Madipakkam-1, ensuring that the registration of properties is conducted at a standardized value. This value is crucial for calculating the stamp duty and registration fees applicable during the sale or purchase of property.

When buying or selling property, the guideline value helps in determining the minimum value on which taxes are calculated. It is essential for both buyers and sellers to be aware of the guideline value to ensure compliance during the registration process.

Frequently asked questions

What is the current guideline value of Manikandan Street?

The current guideline value of Manikandan Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, reflecting a change of +10%.

What is the land classification for Manikandan Street?

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

What are the other streets with the same guideline value?

Other streets in Madipakkam-1 that share the same guideline value of Rs 3,850 per sq.ft include Manikandan 3rd Street, Manikandan 3rd Cross Street, Manikandan 2nd Street, Manikandan 2nd Cross Street, Manikandan 1st Street (Ram Nagar Main Road), and Manikandan 1st Street.

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

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