Guideline Value for MANDAVELI LANE

Mandaveli Lane guideline value

The current guideline value of Mandaveli Lane is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class III Type - III.

How the guideline value of Mandaveli Lane has changed

The guideline value for Mandaveli Lane has seen significant changes over the years. The earliest recorded figure is from 2002, which was Rs 954 per sq.ft. This value increased to Rs 1,060 per sq.ft in 2003, reflecting a change of +11%. By 2007, the guideline value rose dramatically to Rs 1,540 per sq.ft, marking a +45% increase. The 2012 revision saw a further increase to Rs 8,000 per sq.ft, resulting in a substantial +419% change from the previous figure.

In the subsequent years, the guideline value fluctuated. The 2017 revision recorded a value of Rs 5,360 per sq.ft, which was a decrease of -33% from 2012. This was followed by a significant increase to Rs 8,000 per sq.ft in 2023, and then to the current value of Rs 8,800 per sq.ft in 2024, which is a +10% change from the previous year. The overall change from 2002 to 2024 is +822%.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, which is the same as the current value for Mandaveli Lane.

• Mandaveli Street: Rs 8,800 per sq.ft (2024)
• Maleeswaran Koil Street: Rs 9,300 per sq.ft (2024)
• Manickam Avenue: Rs 8,200 per sq.ft (2024)
• Malaiappan Street: Rs 8,200 per sq.ft (2024)
• Makkan Dharga Ground: Rs 3,300 per sq.ft (2024)
• Mannkollai: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Mandaveli Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000. Together, the total cost for stamp duty and registration fee would be Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mandaveli Lane?

The Sub Registrar Office that covers Mandaveli Lane is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions in Mylapore. It serves as a reference point for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline values for different areas.

Frequently asked questions

What is the current guideline value of Mandaveli Lane?

The current guideline value of Mandaveli Lane is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 954 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall change of +822%.

What is the land classification for Mandaveli Lane?

Mandaveli Lane is classified as Residential Class III Type - III.

What are the stamp duty and registration fees for property in Mandaveli Lane?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Where is the Sub Registrar Office for Mandaveli Lane located?

The Sub Registrar Office for Mandaveli Lane is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.