Guideline Value for Sri Manoprabu Nagar

Sri Manoprabu Nagar guideline value

The current guideline value of Sri Manoprabu Nagar is Rs 100 per sq.ft, effective from 1 July 2024. This area is located in Andavakkam village and falls under the Madurandakam SRO with a land classification of Residential Class I Type - I.

How the guideline value of Sri Manoprabu Nagar has changed

The guideline value for Sri Manoprabu Nagar has seen several revisions over the years. The earliest recorded revision is from 2007, where the value was Rs 20 per sq.ft. This increased significantly to Rs 100 per sq.ft in 2012, then saw a decrease to Rs 67 per sq.ft in 2017. The value remained at Rs 100 per sq.ft in both the 2023 and 2024 revisions, reflecting no change from 2023 to 2024, and an overall increase of 49% from 2017 to 2023.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 400%.

Guideline values in Andavakkam

In Andavakkam, there are seven streets under the Madurandakam SRO that currently have a guideline value for 2024, ranging from Rs 100 to Rs 300 per sq.ft. The median value for these streets is Rs 150 per sq.ft, making the guideline value of Sri Manoprabu Nagar below this median.

• Sri Ganesh Nagar: Rs 100 per sq.ft (2024)
• Sslf City Dr.Sakthivel Nagar: Rs 150 per sq.ft (2024)
• Royal Farms: Rs 100 per sq.ft (2024)
• Victory Nagar Phase-I: Rs 250 per sq.ft (2024)
• Eyarkkai Nagar Phase-I&ii: Rs 300 per sq.ft (2024)
• Eyarkai Nagar: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Manoprabu Nagar

For a 1,000 sq.ft plot at the current rate of Rs 100 per sq.ft, the guideline value would be Rs 1,00,000. The stamp duty at 7% would amount to Rs 7,000, and the registration fee at 2% would be Rs 2,000, totaling Rs 9,000. 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 Sri Manoprabu Nagar?

The Sub Registrar Office covering Sri Manoprabu Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Andavakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is recorded at a value recognized by the government.

When a property is sold, the buyer and seller must ensure that the sale price is at least equal to the guideline value. This helps in maintaining transparency and compliance with local regulations during the property transaction.

Frequently asked questions

What is the current guideline value of Sri Manoprabu Nagar?

The current guideline value of Sri Manoprabu Nagar is Rs 100 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 20 per sq.ft in 2007 to Rs 100 per sq.ft in 2012, then decreased to Rs 67 per sq.ft in 2017. It remained at Rs 100 per sq.ft in both 2023 and 2024.

What are the guideline values of other streets in Andavakkam?

Other streets in Andavakkam have guideline values ranging from Rs 100 to Rs 300 per sq.ft. The median value for these streets is Rs 150 per sq.ft, with Sri Manoprabu Nagar being below this median.

What is the stamp duty rate for properties in Sri Manoprabu Nagar?

The stamp duty rate for properties in Sri Manoprabu Nagar is 7% of the guideline value or sale price, whichever is higher.

Where can I find my Sub Registrar Office?

You can find your Sub Registrar Office by visiting the Madurandakam Sub Registrar Office located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.