Guideline Value for Manimekalai 1st Street

Manimekalai 1st Street guideline value

The current guideline value of Manimekalai 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village, under the Selaiyur SRO, and classified as Commercial Class I Type - I.

How the guideline value of Manimekalai 1st Street has changed

In the 2012 revision, the guideline value was Rs 4,000 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a significant decrease to Rs 2,680 per sq.ft, marking a drop of 33%. The value then increased to Rs 4,000 per sq.ft in the 2023 revision, and further rose to Rs 4,400 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, the guideline value increased by 49%, and overall, from 2012 to 2024, there has been a 10% increase. The current value of Rs 4,400 per sq.ft is a notable rise compared to earlier revisions.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 6,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, indicating that the 2024 figure for Manimekalai 1st Street is above that median.

• Manimekalai 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Manimekalai 2nd Street: Rs 4,400 per sq.ft (2024)
• Manimekalai Street: Rs 4,400 per sq.ft (2024)
• Manimekalai Street West: Rs 4,400 per sq.ft (2024)
• Manickavasakar Street: Rs 1,100 per sq.ft (2024)
• Manickam Street: Rs 850 per sq.ft (2024)

Stamp duty and registration fee for property in Manimekalai 1st Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 Manimekalai 1st Street?

The Sub Registrar Office that covers Manimekalai 1st 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 Selaiyur

The guideline value plays a crucial role in the registration process of property transactions in Selaiyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of a property.

When a property is sold or bought, the guideline value is considered to ensure that the appropriate taxes are collected. This value is essential for both buyers and sellers to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Manimekalai 1st Street?

The current guideline value of Manimekalai 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent increase from Rs 4,000 per sq.ft in 2023 to Rs 4,400 per sq.ft in 2024. Notably, it dropped to Rs 2,680 per sq.ft in 2017 from Rs 4,000 per sq.ft in 2012 before rising again.

What is the land classification of Manimekalai 1st Street?

Manimekalai 1st Street is classified as Commercial Class I Type - I, which indicates its suitability for commercial activities.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. This office handles the registration of properties in the area.