Guideline Value for Manimekalai Street

Manimekalai Street guideline value

The current guideline value of Manimekalai Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Rajakilpakkam village, under the Selaiyur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Manimekalai Street has changed

Looking at the revisions, the guideline value for Manimekalai Street was Rs 1,500 per sq.ft in 2023, which increased to Rs 1,600 per sq.ft in 2024, reflecting a change of +7%. Prior to that, in 2017, the value was significantly lower at Rs 1,005 per sq.ft, showing a substantial increase of +49% to reach the 2023 figure. The 2012 revision also recorded a value of Rs 1,500 per sq.ft, which was a decrease of -33% from the 2017 value. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 5,000 per sq.ft. The median value for these streets is Rs 2,150 per sq.ft, which means that Manimekalai Street's 2024 figure is below this median.

• Manickavasakar Street: Rs 880 per sq.ft (2024)
• Maniammai Street: Rs 1,300 per sq.ft (2024)
• Maniammai 1st Street: Rs 1,300 per sq.ft (2024)
• Maraimalai Adikal Street: Rs 1,900 per sq.ft (2024)
• Maruthi Nagar: Rs 3,750 per sq.ft (2024)
• Maruthi Nagar 1st Cross Street: Rs 3,750 per sq.ft (2024)

Stamp duty and registration fee for property in Manimekalai Street

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to 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 Manimekalai Street?

The Sub Registrar Office that covers Manimekalai 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 Rajakilpakkam

The guideline value plays a crucial role during the registration process of property transactions in Rajakilpakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is referenced to calculate the applicable stamp duty and registration fees. This ensures that both buyers and sellers are aware of the costs involved in the transaction, based on the officially recognized value of the property.

Frequently asked questions

What is the current guideline value of Manimekalai Street?

The current guideline value of Manimekalai Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes: it was Rs 1,500 per sq.ft in 2023, Rs 1,005 per sq.ft in 2017, and Rs 1,500 per sq.ft in 2012. The most recent increase from 2023 to 2024 was +7%.

What is the land classification for Manimekalai Street?

Manimekalai Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

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

The Selaiyur Sub Registrar Office, which covers Manimekalai Street, is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How do I calculate stamp duty and registration fees?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000.