Guideline Value for Manikandapuri

Manikandapuri guideline value

The current guideline value of Manikandapuri, located in Somangalam village under the Sriperumpudur SRO, is Rs 200 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class III Type - I land classification.

How the guideline value of Manikandapuri has changed

The guideline value for Manikandapuri has seen several revisions over the years. In 2007, the value was Rs 50 per sq.ft, which increased significantly to Rs 200 per sq.ft in 2012. However, it then decreased to Rs 134 per sq.ft in 2017. The most recent revisions in 2023 and 2024 have maintained the value at Rs 200 per sq.ft, indicating no change from 2023 to 2024. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2007 to 2012 was a remarkable 300%, while the overall change from 2007 to 2024 is also 300%. These figures illustrate the fluctuations in the guideline value over the years.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft, with a median value of Rs 350 per sq.ft. The guideline value for Manikandapuri is below this median.

• MR Nagar: Rs 200 per sq.ft (2024)
• Mrp Green Homes: Rs 747 per sq.ft (2024)
• Kundrathur main road: Rs 500 per sq.ft (2024)
• Mrp Green Homes Phase-II: Rs 700 per sq.ft (2024)
• Mrp Green Homes Phase-III: Rs 700 per sq.ft (2024)
• MRP Green Village: Rs 747 per sq.ft (2024)

Stamp duty and registration fee for property in Manikandapuri

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the total guideline value would be Rs 2,00,000. The stamp duty at 7% would amount to Rs 14,000, and the registration fee at 2% would be Rs 4,000, bringing the total cost to Rs 18,000. 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 Manikandapuri?

The Sub Registrar Office that covers Manikandapuri is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Somangalam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware that these costs are based on the guideline value or the sale price, whichever is higher.

When a property is sold, the guideline value ensures transparency in the transaction process. It helps to standardize property valuations across the region, making it easier for both buyers and sellers to understand the financial implications of their property dealings.

Frequently asked questions

What is the current guideline value of Manikandapuri?

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

How has the guideline value changed over the years?

The guideline value has seen changes from Rs 50 per sq.ft in 2007 to Rs 200 per sq.ft in 2012, then decreased to Rs 134 per sq.ft in 2017, and has remained at Rs 200 per sq.ft in 2023 and 2024.

What is the land classification for Manikandapuri?

Manikandapuri falls under the Residential Class III Type - I land classification.

Where can I find the Sub Registrar Office for Manikandapuri?

The Sub Registrar Office for Manikandapuri is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is stamp duty calculated for properties in Manikandapuri?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 2,00,000, the stamp duty would be Rs 14,000 at 7%.