Guideline Value for Manthoppu 1st Street

Manthoppu 1st Street guideline value

The current guideline value of Manthoppu 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Manthoppu 1st Street has changed

The guideline value for Manthoppu 1st Street has seen significant changes over the years. In 2002, the value was Rs 308 per sq.ft, which increased to Rs 346 per sq.ft in 2003, marking a 12% rise. By 2012, the value had jumped dramatically to Rs 3,500 per sq.ft, reflecting a substantial increase of 912% from the 2003 figure. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, a 10% increase from 2012.

It is important to note that there are no figures available for the revisions in 2007, 2017, and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 1150%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, indicating that the guideline value for Manthoppu 1st Street is below this median.

• Manthoppu 2nd Street: Rs 3,850 per sq.ft (2024)
• Manthoppu 3rd Street: Rs 3,850 per sq.ft (2024)
• Manthoppu 4th Street: Rs 3,850 per sq.ft (2024)
• Manthoppu 5th Street: Rs 3,850 per sq.ft (2024)
• Marbidas Road: Rs 5,500 per sq.ft (2024)
• Marbidas Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Manthoppu 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost together to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Manthoppu 1st Street?

The Sub Registrar Office that covers Manthoppu 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that buyers and sellers must pay during the registration process. This ensures that the government receives the appropriate revenue based on the property's assessed value.

When buyers and sellers negotiate a sale, the guideline value helps establish a fair price for the property, ensuring that both parties are aware of the minimum value recognized by the government. It is essential for all parties involved to be familiar with the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Manthoppu 1st Street?

The current guideline value of Manthoppu 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 308 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1150%.

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

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office covers Manthoppu 1st Street?

The Velacheri Sub Registrar Office covers Manthoppu 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

Are there other streets in Velachery with similar guideline values?

Yes, other streets in Velachery have a guideline value of Rs 3,850 per sq.ft as well, including Manthoppu 2nd Street, Manthoppu 3rd Street, Manthoppu 4th Street, and Manthoppu 5th Street.