Guideline Value for Manimegalai Street

Manimegalai Street guideline value

The current guideline value of Manimegalai Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Perumbakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - II.

How the guideline value of Manimegalai Street has changed

The guideline value for Manimegalai Street has undergone several revisions over the years. In 2012, the guideline value was set at Rs 3,000 per sq.ft. This figure dropped to Rs 2,010 per sq.ft in 2017. However, the value saw a significant increase to Rs 3,000 per sq.ft in the 2023 revision, and then rose again to Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, followed by a substantial increase of 49% from 2017 to 2023. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Perumbakkam

In Perumbakkam, there are 225 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 4,800 per sq.ft. The median value among these streets is Rs 2,725 per sq.ft, making the guideline value of Manimegalai Street above that median.

• Maple Agni Estates: Rs 2,725 per sq.ft (2024)
• Malles Arushi: Rs 4,800 per sq.ft (2024)
• Malles Akankssha: Rs 2,700 per sq.ft (2024)
• Malles Adhika: Rs 2,150 per sq.ft (2024)
• Madha Koil Street: Rs 3,300 per sq.ft (2024)
• Mettu Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Manimegalai Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Manimegalai Street?

The Sub Registrar Office that covers Manimegalai Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Perumbakkam

When buying or selling property in Perumbakkam, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value serves as a benchmark for the minimum price at which a property can be sold, ensuring that the transaction is registered at a value that reflects the official rates set by the government.

At the time of registration, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Manimegalai Street?

The current guideline value of Manimegalai Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification of Manimegalai Street?

Manimegalai Street is classified as Residential Special Type - II under the Selaiyur SRO.

What are the stamp duty and registration fees for properties on Manimegalai Street?

For a 1,000 sq.ft plot, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000 based on the current guideline value.

Which office handles property registrations for Manimegalai Street?

The Selaiyur Sub Registrar Office is responsible for property registrations in Manimegalai Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.