Guideline Value for Mandiyamman Koil Street

Mandiyamman Koil Street guideline value

The current guideline value of Mandiyamman Koil Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Kovilambakkam village and falls under the Pallavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Mandiyamman Koil Street has changed

The guideline value for Mandiyamman Koil Street has seen significant changes over the years. Starting from Rs 83 per sq.ft in 2002, it increased to Rs 103 per sq.ft in 2003, marking a 24% rise. The value then jumped to Rs 350 per sq.ft in 2007, reflecting a 240% increase. Following this, the value surged to Rs 2,500 per sq.ft in 2012, which was a remarkable 614% increase from 2007. However, it decreased to Rs 1,675 per sq.ft in 2017, a decline of 33% from the previous revision.

In the subsequent revisions, the value rose to Rs 2,500 per sq.ft in 2023, which was a 49% increase from 2017. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, marking a 10% increase from the previous year. There are no figures available for revisions in years other than those listed.

Guideline values in Kovilambakkam

Kovilambakkam village has a total of 61 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 5,610 per sq.ft. The median value is Rs 2,750 per sq.ft, which is equal to the guideline value of Mandiyamman Koil Street.

• Mangali Amman Koil 16 & 18 Streets: Rs 2,160 per sq.ft (2024)
• Madipakkam Main Road: Rs 4,070 per sq.ft (2024)
• Mayana Salai: Rs 2,160 per sq.ft (2024)
• Maangali Amman Koil Road: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,380 per sq.ft (2024)
• Kurunji Nagar 1 To 6 Main Road: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Mandiyamman Koil 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 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mandiyamman Koil Street?

The Sub Registrar Office that covers Mandiyamman Koil Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for additional information.

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

The guideline value is a crucial factor when buying or selling property in Kovilambakkam. It serves as a reference point for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during property registration.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Mandiyamman Koil Street?

The current guideline value of Mandiyamman Koil 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 changed from Rs 83 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, showing an overall increase of 3213% over this period.

What is the registration office for Mandiyamman Koil Street?

The registration office that covers Mandiyamman Koil Street is the Pallavaram Sub Registrar Office, located in Chromepet, Chennai.

What are the stamp duty rates applicable in Kovilambakkam?

The stamp duty rate applicable in Kovilambakkam is 7% of the guideline value or sale price, whichever is higher, along with a registration fee of 2%.

Are there other streets with different guideline values in Kovilambakkam?

Yes, there are other streets in Kovilambakkam with varying guideline values. For example, Madipakkam Main Road has a guideline value of Rs 4,070 per sq.ft, while Mangali Amman Koil 16 & 18 Streets have a guideline value of Rs 2,160 per sq.ft.