Guideline Value for Mandaveli 6th Street (Ward-7)

Mandaveli 6th Street (Ward-7) guideline value

The current guideline value for Mandaveli 6th 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 6th Street (Ward-7) has changed

In the 2017 revision, the guideline value for Mandaveli 6th Street was Rs 804 per sq.ft. The most recent 2024 revision has increased this figure to Rs 1,300 per sq.ft, reflecting a change of +62% from the 2017 value. The register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

Thus, the only available revisions are from 2017 to 2024, with the significant increase marking the current guideline value. The 2024 value stands as a notable adjustment compared to the earlier figure from 2017.

Guideline values in Madhavaram

In Madhavaram, the guideline values for 1946 streets under the Madhavaram SRO range from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. Mandaveli 6th Street's 2024 figure of Rs 1,300 per sq.ft is below this median.

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

Stamp duty and registration fee for property in Mandaveli 6th Street (Ward-7)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty is charged at 7%, totaling Rs 91,000, while the registration fee at 2% amounts to Rs 26,000. Together, these fees total Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mandaveli 6th Street (Ward-7)?

The Sub Registrar Office that covers Mandaveli 6th Street (Ward-7) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, in the Chennai registration zone. 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 is a critical factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared against the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Mandaveli 6th Street (Ward-7)?

The current guideline value of Mandaveli 6th Street (Ward-7) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed in recent years?

The guideline value increased from Rs 804 per sq.ft in 2017 to Rs 1,300 per sq.ft in 2024, marking a change of +62%.

What are the guideline values for other streets in Madhavaram?

Other streets in Madhavaram under the Madhavaram SRO have a guideline value of Rs 1,300 per sq.ft in 2024, including Mandaveli 5th, 4th, 3rd, 2nd Streets, and Mandaveli Main Road.

What fees are associated with buying property in Mandaveli 6th Street?

When purchasing property in Mandaveli 6th Street, buyers must pay stamp duty at 7% and a registration fee at 2% based on the guideline value or sale price, whichever is higher.

Where can I find my Sub Registrar Office for Mandaveli 6th Street?

The Sub Registrar Office for Mandaveli 6th Street 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.