Guideline Value for MANDAVELI STREET

Mandaveli Street guideline value

The current guideline value of Mandaveli Street in Medavakkam 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 I Type - I.

How the guideline value of Mandaveli Street has changed

The guideline value for Mandaveli Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision. However, the 2023 revision increased it to Rs 2,000 per sq.ft, and the latest 2024 revision further raised it to Rs 2,200 per sq.ft. The register has no figure for this street in 2002, 2003, and 2007.

From 2012 to 2017, the value decreased by 33%, but from 2017 to 2023, it saw a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

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 value for these streets is Rs 2,200 per sq.ft, placing Mandaveli Street's 2024 figure at this median level.

• Mandaveli 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Mandaveli 1st Cross 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 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 amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling 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 further calculations.

Which Sub Registrar Office covers Mandaveli Street?

The Sub Registrar Office that covers Mandaveli 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 information.

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

The guideline value is a crucial factor when registering property transactions in Medavakkam. It serves as a benchmark for determining the minimum price at which property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on the value of the property.

When buying or selling property, it is essential to be aware of the current guideline value, as it affects the overall cost of the transaction. Buyers should ensure that the sale price meets or exceeds the guideline value to avoid any complications during registration.

Frequently asked questions

What is the current guideline value of Mandaveli Street?

The current guideline value of Mandaveli 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.

Which Sub Registrar Office covers Mandaveli Street?

The Chennai South Joint I Sub Registrar Office covers Mandaveli Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the stamp duty for property transactions on Mandaveli Street?

The stamp duty for property transactions on Mandaveli Street is 7% of the guideline value or sale price, whichever is higher. For example, on a 1,000 sq.ft plot, the stamp duty would be Rs 1,54,000.

What is the land classification of Mandaveli Street?

Mandaveli Street is classified as Residential Class I Type - I, indicating its suitability for residential development.