Guideline Value for Mandaveli 1st Street (Ward-7)

Mandaveli 1st Street (Ward-7) guideline value

The current guideline value of Mandaveli 1st Street (Ward-7) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of Mandaveli 1st Street (Ward-7) has changed

The guideline value for Mandaveli 1st Street has seen several revisions over the years. The most recent revision in 2024 set the guideline value at Rs 1,300 per sq.ft, an increase of 8% from the 2023 revision, which was Rs 1,200 per sq.ft. Prior to this, the 2012 revision also recorded a guideline value of Rs 1,200 per sq.ft, indicating no change from 2012 to 2023. The register has no figure for the revisions in 2002, 2003, 2007, and 2017.

Overall, comparing the guideline values from 2012 to 2024, there has been an increase of 8%. This steady rise reflects the adjustments made in the most recent years, particularly the notable increase from 2023 to 2024.

Guideline values in Madhavaram

Madhavaram village features a range of guideline values across its 1,946 streets under the Madhavaram SRO, with figures in 2024 ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this village is Rs 1,600 per sq.ft, positioning Mandaveli 1st Street's 2024 figure below this median.

• Mandaveli 2nd Street (Ward-7): Rs 1,300 per sq.ft (2024)
• Mandaveli 3rd Street (Ward-7): Rs 1,300 per sq.ft (2024)
• Mandaveli 4th Street (Ward-7): Rs 1,300 per sq.ft (2024)
• Mandaveli 5th Street (Ward-7): Rs 1,300 per sq.ft (2024)
• Mandaveli 6th Street (Ward-7): Rs 1,300 per sq.ft (2024)
• Mandaveli Main Road North End (Ward No.7): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mandaveli 1st Street (Ward-7)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty charged at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees to Rs 1,17,000. 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 1st Street (Ward-7)?

The Sub Registrar Office that covers Mandaveli 1st Street (Ward-7) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the property registration process in Madhavaram. It serves as a benchmark for determining the minimum value at which property transactions can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is considered alongside the sale price. The higher of the two figures is used to calculate the applicable duties and fees, which are essential for completing the registration process legally.

Frequently asked questions

What is the current guideline value of Mandaveli 1st Street (Ward-7)?

The current guideline value of Mandaveli 1st Street (Ward-7) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, marking an increase of 8%. There was no change from 2012 to 2023, as the value remained Rs 1,200 per sq.ft during that period.

What are the guideline values for other streets in Madhavaram?

Other streets in Madhavaram, such as Mandaveli 2nd Street, Mandaveli 3rd Street, and others, also have a guideline value of Rs 1,300 per sq.ft as of 2024. This places them at the same value as Mandaveli 1st Street.

What is the stamp duty rate for property in Mandaveli 1st Street (Ward-7)?

The stamp duty rate for property transactions in Mandaveli 1st Street (Ward-7) is 7% of the guideline value or sale price, whichever is higher. Additionally, the registration fee is 2% of the guideline value.

Where can I find the Sub Registrar Office for Mandaveli 1st Street (Ward-7)?

The Sub Registrar Office for Mandaveli 1st Street (Ward-7) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information by visiting the relevant link.