Guideline Value for Manish Nagar

Manish Nagar guideline value

The current guideline value of Manish Nagar is Rs 440 per sq.ft, effective from 1 July 2024. This area is located in Sothupakkam village and falls under the Redhills SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Manish Nagar has changed

The guideline value for Manish Nagar has seen several revisions over the years. Starting from Rs 13 per sq.ft in 2003, it increased significantly to Rs 200 per sq.ft in 2007. The value then rose to Rs 400 per sq.ft in 2012, followed by a decrease to Rs 268 per sq.ft in 2017. The most recent revisions show an increase to Rs 400 per sq.ft in 2023, and finally, the current rate of Rs 440 per sq.ft from July 2024. Notably, there is no figure available for the year 2002 in the register for this street.

In terms of percentage changes, the guideline value increased by 1438% from 2003 to 2007, then saw a 100% rise from 2007 to 2012. However, it decreased by 33% from 2012 to 2017. The value surged by 49% from 2017 to 2023, and has increased by 10% from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has risen by 3285%.

Guideline values in Sothupakkam

In Sothupakkam, there are 49 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 330 to Rs 1,150 per sq.ft. The median guideline value is Rs 440 per sq.ft, which is equal to the current rate for Manish Nagar.

• Manish Nagar Annex: Rs 440 per sq.ft (2024)
• M.S. Nagar: Rs 440 per sq.ft (2024)
• Mutharamman Nagar: Rs 660 per sq.ft (2024)
• Nehru Nagar: Rs 605 per sq.ft (2024)
• New Star Avenue: Rs 330 per sq.ft (2024)
• Periyapalayam Bhavaniamman Nagar: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Manish Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, making the total cost for these fees Rs 39,600. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Manish Nagar?

The Sub Registrar Office that covers Manish Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during the registration process of property transactions in Sothupakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers must be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Manish Nagar?

The current guideline value of Manish Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 13 per sq.ft in 2003 to Rs 440 per sq.ft in 2024, with various increases and decreases over the years.

What is the land classification for Manish Nagar?

Manish Nagar is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

Where is the Sub Registrar Office for Manish Nagar located?

The Sub Registrar Office for Manish Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for property in Manish Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would amount to Rs 30,800 at the current guideline value.