Guideline Value for Mandaveli Pillaiyar Koil 1st Street

Mandaveli Pillaiyar Koil 1st Street guideline value

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

How the guideline value of Mandaveli Pillaiyar Koil 1st Street has changed

The guideline value for Mandaveli Pillaiyar Koil 1st Street has undergone several revisions over the years. In 2007, the value was Rs 400 per sq.ft, which saw a significant increase to Rs 2,000 per sq.ft in 2012. However, this was followed by a decrease to Rs 1,340 per sq.ft in 2017. The value then rose to Rs 2,000 per sq.ft in 2023 before reaching the current figure of Rs 2,200 per sq.ft in 2024.

Between the revisions, the changes were notable. From 2007 to 2012, there was a remarkable increase of 400%. However, from 2012 to 2017, the value decreased by 33%. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 450%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO, with 2024 guideline values ranging 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 Pillaiyar Koil 1st Street.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total 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, totaling Rs 1,98,000. It is important to 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 Pillaiyar Koil 1st Street?

The Mandaveli Pillaiyar Koil 1st Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Nerkundram. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is often used to calculate the stamp duty and registration fees, ensuring that the transaction is compliant with local regulations.

During the registration process, the buyer and seller must provide the guideline value to the Sub Registrar Office. This value is essential for calculating the applicable taxes and fees, which are necessary for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Mandaveli Pillaiyar Koil 1st Street?

The current guideline value of Mandaveli Pillaiyar Koil 1st 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 significantly from Rs 400 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, with various revisions in between, including a notable increase of 400% from 2007 to 2012.

What is the registration office for Mandaveli Pillaiyar Koil 1st Street?

The registration office for Mandaveli Pillaiyar Koil 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at 7%.

Are there other streets in Nerkundram with the same guideline value?

Yes, several other streets in Nerkundram also have a guideline value of Rs 2,200 per sq.ft in 2024, including Mandaveli Pillaiyar Koil 1st Cross Street, Mandaveli Pillaiyar Koil 2nd Street, and Mandaveli Masoodi Street.