Guideline Value for Manimegalai Street

Manimegalai Street guideline value

The current guideline value of Manimegalai Street in Madipakkam-1 village under the Velacheri SRO is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - III land classification.

How the guideline value of Manimegalai Street has changed

The guideline value register for Manimegalai Street shows no figures for the years 2002, 2003, 2007, 2012, 2017, and 2023. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft.

There have been no changes between the revisions above, and the 2024 figure is consistent with the median guideline value of Rs 2,750 per sq.ft for other streets in Madipakkam-1.

Guideline values in Madipakkam-1

Madipakkam-1 village has a total of 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, which is the same as the 2024 guideline value for Manimegalai Street.

• Manimegalai Street Cross: 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)
• Manikavasagar Street, Ramakrishna Nagar: 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)

Stamp duty and registration fee for property in Manimegalai Street

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

The Sub Registrar Office that covers Manimegalai Street 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 an essential factor in the registration process when buying or selling property in Madipakkam-1. It determines the minimum value on which stamp duty and registration fees are calculated.

When a property is sold, the guideline value helps ensure that the transaction is registered at a fair value, reflecting the current market standards set by the Registration Department. This value is crucial for both buyers and sellers to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Manimegalai Street?

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

How often does the guideline value get revised?

The guideline value is revised periodically, with the most recent revision for Manimegalai Street taking place in 2024. There are no figures available for the revisions in the years 2002, 2003, 2007, 2012, 2017, and 2023.

What is the land classification of Manimegalai Street?

Manimegalai Street falls under the Residential Class I Type - III land classification, indicating its use for residential purposes.

How is the stamp duty calculated for properties in Madipakkam-1?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at 7%.

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

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