Guideline Value for Mandaveli Street / Otteri Salai

Mandaveli Street / Otteri Salai guideline value

The current guideline value of Mandaveli Street / Otteri Salai is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - II.

How the guideline value of Mandaveli Street / Otteri Salai has changed

The guideline value for Mandaveli Street / Otteri Salai has seen several revisions over the years. The earliest available figure is from the 2017 revision, which was Rs 2,010 per sq.ft. This figure increased to Rs 3,000 per sq.ft in the 2023 revision, marking a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this village is Rs 2,750 per sq.ft, making the current figure for Mandaveli Street / Otteri Salai above the median.

• Mandaiveli Thoppu Main Street: Rs 2,200 per sq.ft (2024)
• Mandaiveli Street/Maheswari Avenue: Rs 2,200 per sq.ft (2024)
• Mandaiveli Street: Rs 2,200 per sq.ft (2024)
• Maniammai Street: Rs 2,200 per sq.ft (2024)
• Manikandan 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Manikandan 1st Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Mandaveli Street / Otteri Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Mandaveli Street / Otteri Salai?

The Sub Registrar Office that covers Mandaveli Street / Otteri Salai is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor in the registration process when buying or selling property in Madipakkam-1. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value serves as a benchmark for the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations and to avoid potential legal issues during the registration process.

Frequently asked questions

What is the current guideline value of Mandaveli Street / Otteri Salai?

The current guideline value of Mandaveli Street / Otteri Salai is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2017 to 2024?

From the 2017 revision to the 2024 revision, the guideline value has increased by 64%, from Rs 2,010 per sq.ft to Rs 3,300 per sq.ft.

What is the stamp duty rate for properties in Mandaveli Street / Otteri Salai?

The stamp duty rate for properties in Mandaveli Street / Otteri Salai is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Mandaveli Street / Otteri Salai located?

The Velacheri Sub Registrar Office covers Mandaveli Street / Otteri Salai and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, with Mandaveli Street / Otteri Salai's current figure being above this median.