Guideline Value for Nelson Mandela Street

Nelson Mandela Street guideline value

The current guideline value of Nelson Mandela Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - III.

How the guideline value of Nelson Mandela Street has changed

The guideline value for Nelson Mandela Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,500 per sq.ft in the 2023 revision, and finally to Rs 1,650 per sq.ft in the 2024 revision. Notably, there are no figures available for this street in the 2002, 2003, and 2007 revisions.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased by 49%. The most recent change from 2023 to 2024 represents a 10% increase. Overall, the guideline value has increased by 10% from 2012 to 2024.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is the same as the 2024 figure for Nelson Mandela Street.

• Nehru Street (MGR Nagar Ist Kulakkarai St): Rs 1,650 per sq.ft (2024)
• Nehru Street MGR Nagar Ist: Rs 1,650 per sq.ft (2024)
• Neru street (M.G.R Nagar 1st kulakkarai street varai): Rs 1,100 per sq.ft (2024)
• Nehru Street: Rs 1,650 per sq.ft (2024)
• Nethaji subash santhiraposh street: Rs 1,100 per sq.ft (2024)
• New Plot Division: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Nelson Mandela Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nelson Mandela Street?

The Sub Registrar Office that covers Nelson Mandela Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Chitlapakkam. 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 a property transaction occurs, the guideline value is assessed to calculate the applicable stamp duty and registration fees. Buyers should be aware that these charges are based on the higher of the guideline value or the sale price, which may influence their overall transaction costs.

Frequently asked questions

What is the current guideline value of Nelson Mandela Street?

The current guideline value of Nelson Mandela Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Nelson Mandela Street?

Nehru Street is classified as Residential Class I Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for a property on Nelson Mandela Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 16,50,000. The stamp duty at 7% amounts to Rs 1,15,500, and the registration fee at 2% is Rs 33,000, totaling Rs 1,48,500.

Which Sub Registrar Office covers this street?

The Tambaram Joint 1 Sub Registrar Office covers Nelson Mandela Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.