Guideline Value for Manimegalai Street

Manimegalai Street guideline value

The current guideline value of Manimegalai Street in Perungalathur village is Rs 2,310 per sq.ft, effective from 1 July 2024. This street falls under the Padappai SRO and is classified as Residential Class II Type - I.

How the guideline value of Manimegalai Street has changed

The guideline value for Manimegalai Street has undergone several revisions over the years. In 2007, the value was set at Rs 250 per sq.ft, which saw a significant increase of 740% to Rs 2,100 per sq.ft in 2012. However, from 2012 to 2017, the value decreased by 33% to Rs 1,407 per sq.ft. The next revision in 2023 raised the guideline value to Rs 2,100 per sq.ft, marking a 49% increase from the previous figure. The most recent revision in 2024 set the value at Rs 2,310 per sq.ft, reflecting a 10% increase from 2023.

The register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 824%.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO with the 2024 guideline values ranging from Rs 1,320 to Rs 5,500 per sq.ft, with the median value being Rs 2,310 per sq.ft. Manimegalai Street's 2024 figure aligns with this median.

• Manikkavasakar Street: Rs 1,650 per sq.ft (2024)
• Manju Garden: Rs 1,650 per sq.ft (2024)
• MA.PO.SI. Street: Rs 1,980 per sq.ft (2024)
• Maraimalai Adikal Street: Rs 2,310 per sq.ft (2024)
• Manavala Nagar: Rs 2,310 per sq.ft (2024)
• Manaliramakishna Nagar: Rs 1,650 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 2,310 per sq.ft, the total guideline value would be Rs 23,10,000. The stamp duty at 7% would amount to Rs 1,61,700, and the registration fee at 2% would be Rs 46,200, bringing the total to Rs 2,07,900. It is important to note that 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 information.

Which Sub Registrar Office covers Manimegalai Street?

The Sub Registrar Office that covers Manimegalai Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Perungalathur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is sold, the guideline value is used to ensure that the transaction is recorded at a fair value, preventing undervaluation. This helps maintain transparency and accountability in property transactions within the region.

Frequently asked questions

What is the current guideline value of Manimegalai Street?

The current guideline value of Manimegalai Street is Rs 2,310 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 250 per sq.ft in 2007 to Rs 2,310 per sq.ft in 2024, which is an overall increase of 824%.

What is the stamp duty for property in Manimegalai Street?

The stamp duty for property in Manimegalai Street is 7% of the guideline value or sale price, whichever is higher. For a property valued at Rs 23,10,000, the stamp duty would be Rs 1,61,700.

Where is the Padappai Sub Registrar Office located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What other streets have guideline values in Perungalathur?

Other streets in Perungalathur include Manikkavasakar Street, Manju Garden, MA.PO.SI. Street, Maraimalai Adikal Street, Manavala Nagar, and Manaliramakishna Nagar, with varying guideline values.