Guideline Value for NELSON MANICKAM ROAD

Nelson Manickam Road guideline value

The current guideline value of Nelson Manickam Road is Rs 12,100 per sq.ft, effective from 1 July 2024. This road is located in Vadaagaram village and falls under the Kodambakkam SRO. The land classification for this area is Commercial Special Type - I.

How the guideline value of Nelson Manickam Road has changed

The guideline value for Nelson Manickam Road has seen several revisions over the years. In 2003, the value was Rs 2,550 per sq.ft, which increased to Rs 3,505 per sq.ft in 2007, marking a significant rise of 37%. The value then surged dramatically to Rs 11,000 per sq.ft in 2012, reflecting a remarkable increase of 214%. However, it fell to Rs 7,370 per sq.ft in 2017, a decrease of 33%. By 2023, the value rose again to Rs 11,000 per sq.ft, and the most recent revision in 2024 set it at Rs 12,100 per sq.ft, a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 375%. It is important to note that the register has no figure for this street for the year 2002.

Guideline values in Vadaagaram

In Vadaagaram, there are 78 streets under the Kodambakkam SRO, with guideline values ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, making the 2024 figure for Nelson Manickam Road above this median.

• New Kodambakkam High Road: Rs 12,000 per sq.ft (2024)
• N.G.O.Colony: Rs 5,500 per sq.ft (2024)
• Narasimhan Street: Rs 7,000 per sq.ft (2024)
• Officers Colony 1st Cross Street: Rs 7,000 per sq.ft (2024)
• Officers Colony 1st Street: Rs 7,000 per sq.ft (2024)
• Officers Colony 2nd Cross Street: Rs 7,000 per sq.ft (2024)

Stamp duty and registration fee for property in Nelson Manickam Road

For a 1,000 sq.ft plot at the current guideline value of Rs 12,100 per sq.ft, the total guideline value would be Rs 1,21,00,000. The stamp duty at 7% would amount to Rs 8,47,000, while the registration fee at 2% would be Rs 2,42,000, bringing the total cost for these fees to Rs 10,89,000. 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 Nelson Manickam Road?

The Sub Registrar Office that covers Nelson Manickam Road is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Vadaagaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction process. Buyers and sellers must ensure that the sale price is aligned with the guideline value to avoid discrepancies during registration.

When a property is registered, the guideline value helps in assessing the official value of the property, which is used by the government for tax purposes. It is essential for both parties to be aware of the current guideline value to facilitate a smooth transaction.

Frequently asked questions

What is the current guideline value of Nelson Manickam Road?

The current guideline value of Nelson Manickam Road is Rs 12,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly over the years, starting from Rs 2,550 per sq.ft in 2003 to Rs 12,100 per sq.ft in 2024, marking an overall increase of 375%.

What is the land classification for Nelson Manickam Road?

Nelson Manickam Road is classified as Commercial Special Type - I, indicating its suitability for commercial activities.

Where can I find the Kodambakkam Sub Registrar Office?

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is stamp duty calculated for properties in Vadaagaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, the stamp duty for a property valued at Rs 1,21,00,000 would be Rs 8,47,000 at a rate of 7%.