Guideline Value for MANDAVELI 1ST CROSS STREET

Mandaveli 1st Cross Street guideline value

The current guideline value of Mandaveli 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Mandaveli 1st Cross Street has changed

The guideline value for Mandaveli 1st Cross Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in 2017. Following a significant increase, the 2023 revision brought the value back up to Rs 2,000 per sq.ft, and the current 2024 revision has further increased it to Rs 2,200 per sq.ft.

From 2017 to 2023, there was a notable increase of 49%, and from 2023 to 2024, the guideline value rose by 10%. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current value of Mandaveli 1st Cross Street.

• Mandaveli 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Street: Rs 2,200 per sq.ft (2024)
• Mambakkam Main Road: Rs 4,400 per sq.ft (2024)
• Malligai Street (Senthamizh Nagar): Rs 2,750 per sq.ft (2024)
• Malles Ahaana: Rs 5,090 per sq.ft (2024)
• Marudham Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Mandaveli 1st Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to 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, making the total Rs 1,98,000. The 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 Mandaveli 1st Cross Street?

Mandaveli 1st Cross Street is covered by 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 more information.

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

The guideline value is a critical component in the property registration process in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately and fairly.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for all property transactions. This ensures that both buyers and sellers are aware of the financial obligations involved in the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Mandaveli 1st Cross Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Mandaveli 1st Cross Street?

The land classification for Mandaveli 1st Cross Street is Residential Class I Type - I.

Where can I find the Sub Registrar Office for Mandaveli 1st Cross Street?

The Sub Registrar Office covering Mandaveli 1st Cross Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Mandaveli 1st Cross Street?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees could amount to Rs 1,98,000.