Guideline Value for MANDAVELI 2ND CROSS STREET

Mandaveli 2nd Cross Street guideline value

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

How the guideline value of Mandaveli 2nd Cross Street has changed

The guideline value for Mandaveli 2nd Cross Street has seen several revisions over the years. In 2012, the guideline value was Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and most recently, it reached Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The changes between the revisions are notable: from 2017 to 2023, there was a 49% increase, while the value decreased by 33% from 2012 to 2017. 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 is Rs 2,200 per sq.ft, which is equal to the current guideline value of Mandaveli 2nd Cross Street.

• Mandaveli 1st 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 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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 Mandaveli 2nd Cross Street?

The Sub Registrar Office that covers Mandaveli 2nd Cross 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 more details.

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

The guideline value is a crucial factor in property transactions in Medavakkam, as it determines the official value of the property for registration purposes. When a property is bought or sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the financial aspects of the transaction. Understanding this value helps in planning the budget for the purchase or sale of the property.

Frequently asked questions

What is the current guideline value of Mandaveli 2nd Cross Street?

The current guideline value of Mandaveli 2nd 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 increased 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 of Mandaveli 2nd Cross Street?

Mandaveli 2nd Cross Street is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for Mandaveli 2nd Cross Street?

The Sub Registrar Office for Mandaveli 2nd Cross 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.

How is the stamp duty calculated for properties in Mandaveli 2nd Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the guideline value of Rs 2,200 per sq.ft would incur a total stamp duty of Rs 1,54,000.