Guideline Value for Manimegalai Street Cross

Manimegalai Street Cross guideline value

The current guideline value of Manimegalai Street Cross is Rs 2,750 per sq.ft. This street is located in Madipakkam-1 village, falling under the Velacheri SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Manimegalai Street Cross has changed

According to the guideline value register, there are no figures available for Manimegalai Street Cross for the years 2002, 2003, 2007, 2012, 2017, and 2023. The most recent revision took place in 2024, setting the guideline value at Rs 2,750 per sq.ft.

The 2024 revision is the first recorded figure for this street, and there have been no changes between the revisions above. Thus, the current guideline value of Rs 2,750 per sq.ft reflects the median value of Rs 2,750 per sq.ft for the streets in Madipakkam-1 under the Velacheri SRO.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, which is equal to the guideline value of Manimegalai Street Cross.

• Manimegalai Street: Rs 2,750 per sq.ft (2024)
• Manikkavasagar Street: Rs 2,750 per sq.ft (2024)
• Manikkavasagar Cross Street: Rs 2,750 per sq.ft (2024)
• Mannadiamman Koil Cross street: Rs 1,650 per sq.ft (2024)
• Mannadiamman Koil Street: Rs 1,650 per sq.ft (2024)
• Manikavasagar Street, Ramakrishna Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Manimegalai Street Cross

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total Rs 2,47,500. 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 Manimegalai Street Cross?

The Sub Registrar Office that covers Manimegalai Street Cross is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor during the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential costs associated with property transactions. Buyers and sellers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Manimegalai Street Cross?

The current guideline value of Manimegalai Street Cross is Rs 2,750 per sq.ft, effective from 1 July 2024.

What is the land classification for Manimegalai Street Cross?

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

What are the other streets with the same guideline value in Madipakkam-1?

Other streets in Madipakkam-1 with the same guideline value of Rs 2,750 per sq.ft include Manimegalai Street, Manikkavasagar Street, Manikkavasagar Cross Street, and Manikavasagar Street in Ramakrishna Nagar.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500.

Where can I find the Sub Registrar Office for Manimegalai Street Cross?

The Sub Registrar Office for Manimegalai Street Cross is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.