Guideline Value for Manimekalai 1st Cross Street

Manimekalai 1st Cross Street guideline value

The current guideline value of Manimekalai 1st Cross 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 is classified as Commercial Class I Type - I.

How the guideline value of Manimekalai 1st Cross Street has changed

The guideline value for Manimekalai 1st Cross Street has undergone several revisions over the years. In 2012, the value was Rs 4,000 per sq.ft, which decreased to Rs 2,680 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 4,000 per sq.ft, representing a 49% rise. The latest revision in 2024 set the guideline value at Rs 4,400 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

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 value for Manimekalai 1st Cross Street is above this median.

• Manimekalai 1st 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 Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be 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 cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Manimekalai 1st Cross Street?

The Sub Registrar Office that covers Manimekalai 1st Cross 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 information.

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

The guideline value is a crucial factor during the registration of property transactions in Selaiyur. It serves as a benchmark for assessing the value of a property and is used to calculate the stamp duty and registration fees that buyers must pay at the time of registration.

When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately and that the appropriate taxes are collected. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of Manimekalai 1st Cross 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 changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then back to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024. This reflects a significant increase in value over the years.

What is the land classification of Manimekalai 1st Cross Street?

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

What are the stamp duty and registration fees for purchasing property 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 calculated based on the guideline value.

Which office handles registrations for this street?

The Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, is responsible for handling registrations for Manimekalai 1st Cross Street.