Guideline Value for Manthi Naicken 2nd Street

Manthi Naicken 2nd Street guideline value

The current guideline value of Manthi Naicken 2nd 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, classified as Residential Class II Type - II.

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

Over the years, the guideline value for Manthi Naicken 2nd Street has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which decreased to Rs 1,675 per sq.ft in 2017. The value then increased significantly to Rs 2,500 per sq.ft in 2023, before rising to Rs 2,750 per sq.ft in the 2024 revision. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the value decreased by 33%, followed by a substantial increase of 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, the guideline value has increased by 10% from the 2012 figure to the current 2024 figure.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that have a guideline value for 2024, 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, placing Manthi Naicken 2nd Street's 2024 value below that median.

• Manthi Naicken 2nd Main Road: Rs 2,750 per sq.ft (2024)
• Manthi Naicken 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Manthi Naicken 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Manthi Naicken 3rd Street: Rs 2,750 per sq.ft (2024)
• Manthi Naicken 1st Street: Rs 2,750 per sq.ft (2024)
• Manthi Naicken 5th Cross Street: Rs 2,750 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value totals Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Manthi Naicken 2nd Street?

The Sub Registrar Office that covers Manthi Naicken 2nd 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 information.

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

The guideline value is a crucial factor in the registration process of property transactions in Ramapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price, ensuring compliance with local regulations.

Frequently asked questions

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

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

How has the guideline value changed over the years?

Since 2012, the guideline value has fluctuated, starting at Rs 2,500, decreasing to Rs 1,675 in 2017, and then increasing to Rs 2,500 in 2023 before reaching the current value of Rs 2,750 in 2024.

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

Manthi Naicken 2nd Street is classified as Residential Class II Type - II, indicating its suitability for residential development.

What are the registration fees for property transactions?

For a property valued at the current guideline value, the registration fee is calculated at 2% of the guideline value. In addition, stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher.

Where can I find more information about the Sub Registrar Office?

The Chennai South Joint II Sub Registrar Office covers Manthi Naicken 2nd Street. For more details, you can visit the official site to find your SRO.