Guideline Value for Mandaveli Pillaiyar Koil 2nd Street

Mandaveli Pillaiyar Koil 2nd Street guideline value

The current guideline value of Mandaveli Pillaiyar Koil 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Mandaveli Pillaiyar Koil 2nd Street has changed

The guideline value for Mandaveli Pillaiyar Koil 2nd Street has seen several revisions over the years. In 2007, the guideline value was Rs 400 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a 400% rise. However, this value decreased to Rs 1,340 per sq.ft in 2017, reflecting a 33% drop. The value then rose to Rs 2,000 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 2,200 per sq.ft, a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 450%.

Guideline values in Nerkundram

Nerkundram comprises 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 guideline value for these streets is Rs 2,200 per sq.ft, which matches the current value of Mandaveli Pillaiyar Koil 2nd Street.

• Mandaveli Pillaiyar Koil 1st Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Pillaiyar Koil 3rd Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Pillaiyar Koil 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Masoodi 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 2nd 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, bringing the total fees together to 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mandaveli Pillaiyar Koil 2nd Street?

The Mandaveli Pillaiyar Koil 2nd Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Nerkundram. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction aligns with the prevailing market standards.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential for the legal transfer of ownership. Buyers and sellers must consider this value to comply with local regulations and avoid any legal issues during the transaction.

Frequently asked questions

What is the current guideline value of Mandaveli Pillaiyar Koil 2nd Street?

The current guideline value of Mandaveli Pillaiyar Koil 2nd 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 400 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 450% over the years.

What is the land classification for Mandaveli Pillaiyar Koil 2nd Street?

The land classification for Mandaveli Pillaiyar Koil 2nd Street is Residential Class IV Type - I.

Where can I find the registration office for this area?

The registration office for Mandaveli Pillaiyar Koil 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in this area?

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