Guideline Value for NEW MANICKA NAICKEN STREET

New Manicka Naicken Street guideline value

The current guideline value of New Manicka Naicken Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village under the Purasaivakkam SRO, classified as Residential Class II Type - III.

How the guideline value of New Manicka Naicken Street has changed

The guideline value for New Manicka Naicken Street has seen several revisions over the years. In 2007, the guideline value was Rs 1,100 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in 2012. However, it then decreased to Rs 4,355 per sq.ft in 2017. The 2023 revision set the value at Rs 6,500 per sq.ft, and the most recent revision in 2024 raised it to Rs 7,100 per sq.ft.

From 2017 to 2023, there was a notable increase of 49%. The 2023 to 2024 revision saw a further increase of 9%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 545%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value in this area is Rs 5,500 per sq.ft, making the 2024 figure for New Manicka Naicken Street above that median.

• New Secretariat Colony: Rs 7,100 per sq.ft (2024)
• New Farrons Road: Rs 4,400 per sq.ft (2024)
• New Street: Rs 5,500 per sq.ft (2024)
• New Street 1st Lane: Rs 5,500 per sq.ft (2024)
• New Street 2nd Lane: Rs 5,500 per sq.ft (2024)
• New Street 3rd Lane: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in New Manicka Naicken Street

For a 1,000 sq.ft plot at the current rate of Rs 7,100 per sq.ft, the guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, totaling Rs 6,39,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Manicka Naicken Street?

The Sub Registrar Office covering New Manicka Naicken Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is used as a benchmark for determining the value of property transactions in Purasaivakkam. It is essential for calculating the stamp duty and registration fees payable during the sale or purchase of property.

When registering a property, the guideline value ensures that the transaction is documented at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of New Manicka Naicken Street?

The current guideline value of New Manicka Naicken Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 545% over the years.

What is the land classification for New Manicka Naicken Street?

New Manicka Naicken Street is classified as Residential Class II Type - III.

Where can I find the Purasaivakkam SRO?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the stamp duty calculated for properties in New Manicka Naicken Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000.