Guideline Value for Manikkavasagar Street

Manikkavasagar Street guideline value

The current guideline value of Manikkavasagar Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Manikkavasagar Street has changed

The guideline value for Manikkavasagar Street has seen several revisions over the years. In 2002, the value was Rs 340 per sq.ft, which increased to Rs 372 per sq.ft in 2003. The value then rose significantly to Rs 550 per sq.ft in 2007, followed by a substantial jump to Rs 4,000 per sq.ft in 2012. However, it decreased to Rs 2,680 per sq.ft in 2017, before increasing again to Rs 4,000 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1194%. The revisions for 2012 and 2017 show a decrease and a significant increase, respectively, while the revisions for 2017 to 2023 and 2023 to 2024 reflect positive changes. The register has no figure for the years not mentioned in the revisions.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which aligns with the current guideline value of Manikkavasagar Street.

• Majestic Park: Rs 6,600 per sq.ft (2024)
• Masoothi Garden 1st Street: Rs 2,750 per sq.ft (2024)
• Masoothi Garden 2nd Street: Rs 2,750 per sq.ft (2024)
• Masoothi Street: Rs 2,750 per sq.ft (2024)
• Majeeth Street (Surya Hospitel Back Side): Rs 2,750 per sq.ft (2024)
• Majeeth Nagar: 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 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000, bringing the total fees to Rs 3,96,000. 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 Manikkavasagar Street?

The Sub Registrar Office that covers Manikkavasagar Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Saligramam. When you buy or sell property, the guideline value is used to determine the applicable stamp duty and registration fees. This ensures that the fees are calculated based on a standardized value set by the government.

It is essential for buyers and sellers to be aware of the current guideline value, as it can impact the overall cost of the transaction. Understanding how the guideline value is applied can help in planning and budgeting for property purchases in the area.

Frequently asked questions

What is the current guideline value of Manikkavasagar Street?

The current guideline value of Manikkavasagar Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 340 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 1194% over the years.

What is the land classification for Manikkavasagar Street?

Manikkavasagar Street is classified as Residential Class II Type - I.

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

The Sub Registrar Office for Manikkavasagar Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties on Manikkavasagar Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total of Rs 3,96,000 in fees.