Guideline Value for Mansion Sight

Mansion Sight guideline value

The current guideline value for Mansion Sight in Nungambakkam village is Rs 8,800 per sq.ft, effective from 1 July 2024. This property falls under the Chennai Central Joint II SRO and is classified as Residential Special Type - II.

How the guideline value of Mansion Sight has changed

The guideline value for Mansion Sight has seen several revisions over the years. The 2007 revision set the value at Rs 3,000 per sq.ft, which increased significantly to Rs 8,000 per sq.ft in 2012. However, this figure dropped to Rs 5,360 per sq.ft in 2017 before rising again to Rs 8,000 per sq.ft in 2023. The latest revision in 2024 has established the guideline value at Rs 8,800 per sq.ft, marking a 10% increase from the previous year.

In terms of overall changes, from 2007 to 2024, the guideline value has increased by 193%. The 2012 to 2017 period saw a decrease of 33%, while the increase from 2017 to 2023 was substantial at 49%. Notably, there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

Nungambakkam village has 270 streets under the Chennai Central Joint II SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value is Rs 8,800 per sq.ft, which is the same as the guideline value for Mansion Sight.

• Mangadu Sami Street: Rs 8,800 per sq.ft (2024)
• Mayor Sivashanmugam Road: Rs 8,800 per sq.ft (2024)
• Makkis Garden Street: Rs 9,900 per sq.ft (2024)
• Makkis Garden 2nd Street: Rs 9,900 per sq.ft (2024)
• Makkis Garden 1st Street: Rs 9,900 per sq.ft (2024)
• Mahalingam Road 2nd Cross Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Mansion Sight

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, while the registration fee at 2% would be Rs 1,76,000. The total cost for these fees together would be Rs 7,92,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Mansion Sight?

The Sub Registrar Office covering Mansion Sight is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Nungambakkam. It serves as a benchmark for determining the registration fees and stamp duty payable when a property is bought or sold. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for Mansion Sight?

The current guideline value for Mansion Sight is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 193% over the years.

What are the other streets with the same guideline value in Nungambakkam?

Other streets in Nungambakkam with the same guideline value of Rs 8,800 per sq.ft include Mangadu Sami Street, Mayor Sivashanmugam Road, and Mahalingam Road 2nd Cross Street.

What are the stamp duty and registration fees for properties in Mansion Sight?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Where is the Sub Registrar Office for Mansion Sight located?

The Sub Registrar Office for Mansion Sight is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.