Guideline Value for Mandi Street

Mandi Street guideline value

The current guideline value of Mandi Street in Adambakkam village, under the Alandur SRO, is Rs 5,000 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Mandi Street has changed

The guideline value for Mandi Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 273 per sq.ft. It increased to Rs 312 per sq.ft in 2003, followed by a significant rise to Rs 1,200 per sq.ft in 2007. The value then saw a substantial increase to Rs 4,500 per sq.ft in 2012, but dropped to Rs 3,015 per sq.ft in 2017. The 2023 revision marked another increase to Rs 4,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 5,000 per sq.ft.

Notable changes between revisions include an increase of 11% from 2023 to 2024, a 49% increase from 2017 to 2023, a decrease of 33% from 2012 to 2017, a remarkable increase of 275% from 2007 to 2012, a 285% increase from 2003 to 2007, and a 14% increase from 2002 to 2003. Overall, the guideline value has increased by 1732% from 2002 to 2024.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO carrying a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft, with a median value of Rs 3,900 per sq.ft. Mandi Street's 2024 figure of Rs 5,000 per sq.ft is above this median.

• Malligai Street: Rs 5,000 per sq.ft (2024)
• Mannadiyamman Koil 2nd Lane: Rs 3,900 per sq.ft (2024)
• Mannadiyamman Koil Cross Street: Rs 3,900 per sq.ft (2024)
• Mannadiyamman Koil First Lane: Rs 3,900 per sq.ft (2024)
• Mannadiyamman Koil Street: Rs 3,900 per sq.ft (2024)
• Marisan 1st Lane: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Mandi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value would be Rs 50,00,000. The stamp duty at 7% would amount to Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total to Rs 4,50,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mandi Street?

The Sub Registrar Office that covers Mandi Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Adambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is considered along with the actual sale price. The higher of the two values is used to calculate the stamp duty and registration fees, which are mandatory for legal property transactions.

Frequently asked questions

What is the current guideline value of Mandi Street?

The current guideline value of Mandi Street is Rs 5,000 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 273 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, indicating a total increase of 1732% over this period.

What is the land classification for Mandi Street?

Mandi Street is classified under Residential Class I Type - I, which is a designation for residential properties in the area.

Where can I find the Sub Registrar Office for Mandi Street?

The Sub Registrar Office for Mandi Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in Mandi Street?

Stamp duty is calculated based on the higher value between the guideline value and the actual sale price. For example, for a plot valued at Rs 50,00,000, the stamp duty would be calculated at 7% of this amount.