Guideline Value for Manikkavasagar Street

Manikkavasagar Street guideline value

The current guideline value of Manikkavasagar Street in Kodungaiyur village is Rs 2,700 per sq.ft, effective from 1 July 2024. This street falls under the Madhavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Manikkavasagar Street has changed

The guideline value for Manikkavasagar Street has seen several revisions over the years. The 2023 revision set the value at Rs 2,500 per sq.ft, which was an increase from the previous figures, but the register has no figures for the years 2002, 2003, 2007, 2012, and 2017. The most recent revision in 2024 has raised the guideline value to Rs 2,700 per sq.ft, reflecting an increase of 8% from the 2023 figure.

In summary, the guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024. The consistent upward trend in the guideline values indicates a re-evaluation of the property in this area.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, which is equal to the guideline value of Manikkavasagar Street.

• Manickavasakar Street (Vivekananda Nagar): Rs 2,700 per sq.ft (2024)
• Manickam Nagar (Koyyathoppu): Rs 2,700 per sq.ft (2024)
• Manali Road: Rs 2,700 per sq.ft (2024)
• Meenakshi 1st Cross Street: Rs 2,700 per sq.ft (2024)
• Meenakshi Amman Koil Street (Teacher's Colony): Rs 2,700 per sq.ft (2024)
• Meenakshi Street: Rs 2,200 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 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, 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 Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process of property transactions in Kodungaiyur. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value must be considered to avoid discrepancies during registration. Buyers should ensure that the sale price is not lower than the guideline value to comply with legal requirements.

Frequently asked questions

What is the current guideline value of Manikkavasagar Street?

The current guideline value of Manikkavasagar Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value changed from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, reflecting an increase of 8%. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the classification of Manikkavasagar Street?

Manikkavasagar Street is classified as Residential Class I Type - I under the Madhavaram SRO.

What are the stamp duty rates applicable?

The stamp duty rate is 7% of the guideline value, while the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

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

The Sub Registrar Office for Manikkavasagar Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.