Guideline Value for Manthi Naicken 3rd Cross Street

Manthi Naicken 3rd Cross Street guideline value

The current guideline value of Manthi Naicken 3rd Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village, under the Chennai South Joint II SRO, and is classified as Residential Class II Type - II.

How the guideline value of Manthi Naicken 3rd Cross Street has changed

The guideline value for Manthi Naicken 3rd Cross Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 2,500 per sq.ft. This value remained until the next revision in 2017, where it decreased to Rs 1,675 per sq.ft, reflecting a decline of 33%. The value then increased significantly to Rs 2,500 per sq.ft in 2023, and further rose to Rs 2,750 per sq.ft in 2024, marking a 10% increase from the previous year.

There are also revisions from 2002, 2003, and 2007, but the register has no figure for this street in those years. From 2017 to 2023, the guideline value increased by 49%, and overall, from 2012 to 2024, it has increased by 10%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, placing Manthi Naicken 3rd Cross Street's 2024 figure below that median.

• Manthi Naicken 2nd Street: Rs 2,750 per sq.ft (2024)
• Manthi Naicken 3rd Street: Rs 2,750 per sq.ft (2024)
• Manthi Naicken 2nd Main Road: Rs 2,750 per sq.ft (2024)
• Manthi Naicken 5th Cross Street: Rs 2,750 per sq.ft (2024)
• Manthi Naicken 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Manthi Naicken 6th Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Manthi Naicken 3rd 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, and 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 the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Manthi Naicken 3rd Cross Street?

The Sub Registrar Office that covers Manthi Naicken 3rd 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 is an essential 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 transparent and in accordance with legal requirements.

When buying or selling property, the guideline value helps both parties understand the value of the property being exchanged. It is crucial for calculating the stamp duty and registration fees, which are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Manthi Naicken 3rd Cross Street?

The current guideline value of Manthi Naicken 3rd 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 is the land classification for Manthi Naicken 3rd Cross Street?

Manthi Naicken 3rd Cross Street is classified as Residential Class II Type - II.

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

The stamp duty for properties in Manthi Naicken 3rd Cross Street is 7%, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 2,47,500.

Which office handles the registration for Manthi Naicken 3rd Cross Street?

The Chennai South Joint II Sub Registrar Office handles registrations for Manthi Naicken 3rd Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.