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 Kodambakkam village, under the Ashok Nagar SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Manimegalai Street has changed

The guideline value for Manimegalai Street has seen several revisions over the years. In 2007, the guideline value was Rs 620 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in 2012, marking a 384% rise. However, it then decreased to Rs 2,010 per sq.ft in 2017, which was a 33% drop. The value rose again to Rs 3,000 per sq.ft in 2023, followed by a further increase to Rs 3,300 per sq.ft in 2024, reflecting a 10% hike.

There are no figures available for the revisions in 2002 and 2003 for Manimegalai Street. Overall, from 2007 to 2024, the guideline value has increased by 432%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value is Rs 4,900 per sq.ft, placing Manimegalai Street's 2024 figure below this median.

• Manikkavasagar Street: Rs 4,100 per sq.ft (2024)
• Manickam Street (W.M): Rs 5,500 per sq.ft (2024)
• Manickam Street (Muthurangam Block): Rs 4,100 per sq.ft (2024)
• Manthoppu Colony: Rs 8,800 per sq.ft (2024)
• Mangai Street: Rs 4,900 per sq.ft (2024)
• Mangai Nagar: Rs 4,900 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Manimegalai Street?

The Sub Registrar Office that covers Manimegalai Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value is crucial during the registration of property transactions in Kodambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state collects appropriate stamp duties and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers to understand the expected value of the property. This value is essential for calculating the stamp duty and registration fees, which are based on the higher of the guideline value or the sale price.

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 much has the guideline value changed since 2007?

Since 2007, the guideline value has increased by 432%, from Rs 620 per sq.ft to Rs 3,300 per sq.ft in 2024.

What is the stamp duty rate for properties on Manimegalai Street?

The stamp duty rate for properties in Manimegalai Street is 7% of the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office for Manimegalai Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What are the guideline values for other streets in Kodambakkam?

Other streets in Kodambakkam have varying guideline values, with rates ranging from Rs 2,200 to Rs 11,000 per sq.ft. For example, Manikkavasagar Street has a guideline value of Rs 4,100 per sq.ft in 2024.