Guideline Value for Manikkavasagar Street

Manikkavasagar Street guideline value

The current guideline value of Manikkavasagar Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Manikkavasagar Street has changed

The guideline value for Manikkavasagar Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,500 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 1,005 per sq.ft. The value then increased significantly to Rs 1,500 per sq.ft in the 2023 revision, and further rose to Rs 1,650 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, there was a notable increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is equal to the current value of Manikkavasagar Street.

• Manonmaniam Street: Rs 2,750 per sq.ft (2024)
• Maraimalai Adigalar Street: Rs 4,400 per sq.ft (2024)
• Mark Street: Rs 2,750 per sq.ft (2024)
• Maruthi Street: Rs 1,650 per sq.ft (2024)
• Maruthupandiyar Street: Rs 2,750 per sq.ft (2024)
• Maruthuvar Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Manikkavasagar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty, charged at 7%, would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, the total cost for these fees would be Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Manikkavasagar Street?

The Sub Registrar Office that covers Manikkavasagar Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When purchasing property, buyers must ensure that the sale price is either equal to or higher than the guideline value, as the duty is charged on the higher of the two. This ensures that all transactions are compliant with local regulations and that the appropriate fees are collected.

Frequently asked questions

What is the current guideline value of Manikkavasagar Street?

The current guideline value of Manikkavasagar Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What are the stamp duty and registration fees for property on this street?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500, and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which Sub Registrar Office covers Manikkavasagar Street?

The Tambaram Joint 1 Sub Registrar Office covers Manikkavasagar Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the land classification for Manikkavasagar Street?

The land classification for Manikkavasagar Street is Residential Class I Type - III.