Guideline Value for Mandaveli Main Road

Mandaveli Main Road guideline value

The current guideline value of Mandaveli Main Road in Nerkundram village, under the Virugambakkam SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class IV Type - I.

How the guideline value of Mandaveli Main Road has changed

The guideline value for Mandaveli Main Road has seen significant changes over the years. The earliest recorded figure in the register is from 2002, with a value of Rs 146 per sq.ft. This increased to Rs 161 per sq.ft in 2003, marking a 10% rise. The value then surged to Rs 500 per sq.ft in 2007, which was a substantial increase of 211%. Following that, the value reached Rs 2,000 per sq.ft in 2012, a remarkable hike of 300%. However, it dropped to Rs 1,340 per sq.ft in 2017, reflecting a decrease of 33%. The guideline value then rose to Rs 2,000 per sq.ft in 2023, and most recently, it has increased by 10% to the current value of Rs 2,200 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 1407%. The register has no figure for the years between 2017 and 2023 for this street.

Guideline values in Nerkundram

Nerkundram has a total of 476 streets under the Virugambakkam SRO, with a 2024 guideline value range from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Mandaveli Main Road.

• Mandaveli Masoodi Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Pillaiyar Koil 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Pillaiyar Koil 1st Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Pillaiyar Koil 2nd Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Pillaiyar Koil 3rd Street: Rs 2,200 per sq.ft (2024)
• Malligai Avenue: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Mandaveli Main Road

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mandaveli Main Road?

The Sub Registrar Office that covers Mandaveli Main Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the minimum value at which property transactions are recorded, ensuring that all transactions are documented accurately.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. 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 Main Road?

The current guideline value of Mandaveli Main Road 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 significantly from Rs 146 per sq.ft in 2002 to the current Rs 2,200 per sq.ft in 2024, marking an overall increase of 1407% over the years.

What is the registration office for Mandaveli Main Road?

The registration office for Mandaveli Main Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the stamp duty and registration fees for properties on Mandaveli Main Road?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

What is the land classification for Mandaveli Main Road?

Mandaveli Main Road is classified as Residential Class IV Type - I, indicating its designation for residential use within the area.