Guideline Value for TANK STREET

Tank Street guideline value

The current guideline value of Tank Street in Manapakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Tank Street has changed

The guideline value for Tank Street has seen significant changes over the years. In 2002, the value was Rs 67 per sq.ft, which increased to Rs 75 per sq.ft in 2003. Following this, the value rose sharply to Rs 400 per sq.ft in 2007, marking an increase of 433%. By 2012, the value remained the same at Rs 2,000 per sq.ft, but then decreased to Rs 1,340 per sq.ft in 2017, reflecting a decline of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, and finally reached Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, the guideline value has increased by 3,184% from 2002 to 2024. The register has no figure for the years that do not appear in this timeline.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median guideline value in this area is Rs 2,530 per sq.ft, which means Tank Street's 2024 figure is below that median.

• S.V.R. Export: Rs 2,200 per sq.ft (2024)
• Thalaivar Munusamy Street: Rs 2,200 per sq.ft (2024)
• Sujatha Lane: Rs 3,300 per sq.ft (2024)
• Sri Vatsa Foundations Main Salai Right: Rs 1,650 per sq.ft (2024)
• Sri Vatsa Foundations Main Salai Left: Rs 1,650 per sq.ft (2024)
• Sri Vatsa Foundations Main Salai: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Tank Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. 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 Tank Street?

The Sub Registrar Office that covers Tank Street is the Chennai South Joint I 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 further assistance.

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

The guideline value is an important factor when registering property transactions in Manapakkam. It is used to determine the stamp duty and registration fees that must be paid during the transaction process. Buyers and sellers should be aware that the guideline value may influence the overall cost of the transaction.

When a property is bought or sold, the guideline value serves as a benchmark for the transaction's value. It ensures that the government receives the appropriate revenue from property registrations, as the duty is charged based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Tank Street?

The current guideline value of Tank Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value of Tank Street changed over the years?

The guideline value has changed from Rs 67 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 3,184% over this period.

What is the land classification for Tank Street?

Tank Street is classified as Residential Class IV Type - I under the Chennai South Joint I SRO.

What are the registration fees for properties in Tank Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles property registrations for Tank Street?

The Chennai South Joint I Sub Registrar Office handles property registrations for Tank Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.