Guideline Value for Mandaveli Pillaiyar Koil 3rd Street

Mandaveli Pillaiyar Koil 3rd Street guideline value

The current guideline value of Mandaveli Pillaiyar Koil 3rd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the Virugambakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Mandaveli Pillaiyar Koil 3rd Street has changed

The guideline value for Mandaveli Pillaiyar Koil 3rd Street has experienced 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. However, this value dropped to Rs 1,340 per sq.ft in 2017 before rising to Rs 2,000 per sq.ft in 2023. The current value of Rs 2,200 per sq.ft reflects a 10% increase from the previous year's figure.

From 2017 to 2023, the guideline value increased by 49%. The period from 2012 to 2017 saw a decrease of 33%. The remarkable rise from Rs 400 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024 represents an overall increase of 450%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values ranging 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 is equal to the current guideline value of Mandaveli Pillaiyar Koil 3rd Street.

• Mandaveli Pillaiyar Koil 2nd Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Pillaiyar Koil 1st 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 3rd 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, charged at 7%, would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, these fees amount to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator to estimate your fees based on the guideline value.

Which Sub Registrar Office covers Mandaveli Pillaiyar Koil 3rd Street?

The Mandaveli Pillaiyar Koil 3rd Street falls under the jurisdiction of 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 property transactions in Nerkundram, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value serves as a benchmark for calculating stamp duty and registration fees.

At the time of registration, the authorities will assess the guideline value to ensure that the transaction is in compliance with legal requirements. This helps maintain transparency in property dealings, ensuring that all parties are aware of the financial obligations involved.

Frequently asked questions

What is the current guideline value of Mandaveli Pillaiyar Koil 3rd Street?

The current guideline value of Mandaveli Pillaiyar Koil 3rd 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 seen several revisions, starting from Rs 400 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 450% over the years.

What is the land classification for Mandaveli Pillaiyar Koil 3rd Street?

Mandaveli Pillaiyar Koil 3rd Street is classified as Residential Class IV Type - I.

Where can I find the registration office for this street?

The registration office covering Mandaveli Pillaiyar Koil 3rd 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 Mandaveli Pillaiyar Koil 3rd Street?

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