Guideline Value for Manthi Naicken 2nd Cross Street

Manthi Naicken 2nd Cross Street guideline value

The current guideline value of Manthi Naicken 2nd Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Manthi Naicken 2nd Cross Street has changed

The guideline value for Manthi Naicken 2nd Cross Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023, and then to Rs 2,750 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49% in the guideline value. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,100 per sq.ft, which means that the guideline value of Manthi Naicken 2nd Cross Street is below this median.

• Manthi Naicken 1st Street: Rs 2,750 per sq.ft (2024)
• Manthi Naicken 2nd Main Road: Rs 2,750 per sq.ft (2024)
• Manthi Naicken 1st Main Road: Rs 2,750 per sq.ft (2024)
• Manthi Naicken 2nd Street: Rs 2,750 per sq.ft (2024)
• Manthi Naicken 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Manthi Naicken 3rd Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Manthi Naicken 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty, charged at 7%, would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, these fees would total Rs 2,47,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Manthi Naicken 2nd Cross Street?

The Sub Registrar Office that covers Manthi Naicken 2nd Cross Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value serves as a benchmark for property transactions in Ramapuram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid at the time of registration. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

It is crucial for buyers and sellers to be aware of the guideline value as it directly impacts the financial aspects of property transactions. Understanding the guideline value can help in budgeting for additional costs associated with the purchase or sale of property in the area.

Frequently asked questions

What is the current guideline value of Manthi Naicken 2nd Cross Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers Manthi Naicken 2nd Cross Street?

The Chennai South Joint II Sub Registrar Office covers Manthi Naicken 2nd Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Manthi Naicken 2nd Cross Street?

The land classification for Manthi Naicken 2nd Cross Street is Residential Class II Type - II.