Guideline Value for Mandi Street

Mandi Street guideline value

The current guideline value of Mandi Street in Parangimalai village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class III Type - I.

How the guideline value of Mandi Street has changed

The guideline value for Mandi Street has seen several revisions over the years. In 2002, the value was Rs 287 per sq.ft, which increased to Rs 359 per sq.ft in 2003, marking a 25% rise. Following this, the value surged dramatically to Rs 1,800 per sq.ft in 2007, a significant increase of 401%. In 2012, however, the value dropped to Rs 2,500 per sq.ft, reflecting a decrease of 33% from the previous revision.

From 2017 onwards, the guideline value began to rise again, starting at Rs 1,675 per sq.ft in 2017, which then increased by 49% to Rs 2,500 per sq.ft in 2023. The most recent revision in 2024 has set the value at Rs 2,750 per sq.ft, which is a 10% increase from 2023. Overall, the guideline value has increased by 858% from 2002 to 2024.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, placing Mandi Street's guideline value below this median.

• Mangaliamman Koil Street: Rs 3,300 per sq.ft (2024)
• Malai Street: Rs 2,750 per sq.ft (2024)
• Margo Lane: Rs 3,300 per sq.ft (2024)
• Margo Street: Rs 3,300 per sq.ft (2024)
• Mariyapuram: Rs 3,300 per sq.ft (2024)
• Market Lane: Rs 3,850 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees together to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mandi Street?

The Sub Registrar Office that covers Mandi Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value helps in assessing the minimum value at which the property can be registered. This ensures transparency in property transactions and helps in maintaining a standard for property values within the area.

Frequently asked questions

What is the current guideline value of Mandi Street?

The current guideline value of Mandi Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 287 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, representing an overall increase of 858% over this period.

What are the stamp duty and registration fees for a property in Mandi Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 27,50,000. The stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office is responsible for Mandi Street?

The Chennai South Joint II Sub Registrar Office is responsible for Mandi Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How does the guideline value affect property transactions?

The guideline value is used to determine the applicable stamp duty and registration fees during property transactions. It ensures that properties are registered at a standard value, promoting transparency in the process.