Guideline Value for Manikkavasagar Street

Manikkavasagar Street guideline value

The current guideline value of Manikkavasagar Street is Rs 4,100 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village, under the Ashok Nagar SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Manikkavasagar Street has changed

The guideline value of Manikkavasagar Street has seen several revisions over the years. In 2007, the guideline value was Rs 800 per sq.ft, which then increased significantly to Rs 3,750 per sq.ft in 2012, marking a rise of 369%. However, from 2012 to 2017, the value decreased to Rs 2,512 per sq.ft, a drop of 33%. The value then rose again to Rs 3,750 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 4,100 per sq.ft, which is a 9% increase from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, which means that the 2024 figure for Manikkavasagar Street is below this median.

• Manimegalai Street: Rs 3,300 per sq.ft (2024)
• Manickam Street (W.M): Rs 5,500 per sq.ft (2024)
• Manickam Street (Muthurangam Block): Rs 4,100 per sq.ft (2024)
• Manthoppu Colony: Rs 8,800 per sq.ft (2024)
• Mangai Street: Rs 4,900 per sq.ft (2024)
• Mangai Nagar: Rs 4,900 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 4,100 per sq.ft, the total guideline value would be Rs 41,00,000. The stamp duty at 7% would amount to Rs 2,87,000, and the registration fee at 2% would be Rs 82,000, bringing the total cost for these fees to Rs 3,69,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Manikkavasagar Street?

The Sub Registrar Office that covers Manikkavasagar Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kodambakkam. It helps determine the stamp duty and registration fees that need to be paid to the government during the transaction.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives a fair amount of revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Manikkavasagar Street?

The current guideline value of Manikkavasagar Street is Rs 4,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 4,100 per sq.ft in 2024, reflecting an overall increase of 413% over the years.

What are the stamp duty rates for properties in Manikkavasagar Street?

The stamp duty rate for properties in Manikkavasagar Street is 7% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Manikkavasagar Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the median guideline value in Kodambakkam?

The median guideline value in Kodambakkam is Rs 4,900 per sq.ft, with Manikkavasagar Street's 2024 figure being below this median.