Guideline Value for Manimegalai Street

Manimegalai Street guideline value

The current guideline value of Manimegalai Street in Ullagaram village, under the Alandur SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Manimegalai Street has changed

The guideline value for Manimegalai Street has seen several revisions over the years. In 2002, the value was Rs 230 per sq.ft, which increased to Rs 258 per sq.ft in 2003, marking a 12% rise. The value then surged significantly to Rs 1,000 per sq.ft in 2007, reflecting a remarkable 288% increase. Following this, the guideline value rose to Rs 2,500 per sq.ft in 2012, which was a 150% increase from the previous revision. However, it experienced a decline of 33% to Rs 1,675 per sq.ft in 2017.

From 2017 to 2023, the value saw a substantial increase of 49%, reaching Rs 2,500 per sq.ft. The latest revision in 2024 has set the guideline value at Rs 2,800 per sq.ft, representing a 12% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 1117%.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median value is Rs 2,800 per sq.ft, which aligns with the guideline value of Manimegalai Street. Below are other streets in Ullagaram:

• Mandaba Connection Road: Rs 3,900 per sq.ft (2024)
• Mathiyazhagan Street 1st Cross Street: Rs 2,800 per sq.ft (2024)
• Mathiyazhagan Street 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• Mathiyazhagan Street Main: Rs 2,800 per sq.ft (2024)
• Medavakkam Alandur High Road: Rs 5,500 per sq.ft (2024)
• Medavakkam Main Road: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Manimegalai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total fees to Rs 2,52,000. 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 accurate calculations.

Which Sub Registrar Office covers Manimegalai Street?

The Sub Registrar Office that covers Manimegalai Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Ullagaram. It serves as a benchmark for determining the minimum value of a property during registration, ensuring that the property is not undervalued. This value is used to calculate the stamp duty and registration fees, which are mandatory when buying or selling property.

When a buyer or seller approaches the registration office, the guideline value helps in assessing the financial implications of the transaction. It is important to be aware of the current guideline value to ensure compliance with legal requirements and to avoid any potential disputes during the registration process.

Frequently asked questions

What is the current guideline value of Manimegalai Street?

The current guideline value of Manimegalai Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 230 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, marking an overall increase of 1117% over the years.

What are the stamp duty and registration fees for property in Manimegalai Street?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,52,000.

Which office handles property registrations for Manimegalai Street?

The Alandur Sub Registrar Office handles property registrations for Manimegalai Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the land classification for Manimegalai Street?

Manimegalai Street is classified as Residential Class II Type - I, which influences its guideline value and property transactions.