Guideline Value for OLD MAHABALIPURAM ROAD

Old Mahabalipuram Road guideline value

The current guideline value of Old Mahabalipuram Road in Chemmancheri village is Rs 6,600 per sq.ft, effective from 1 July 2024. This property falls under the Neelankarai SRO and is classified as Commercial Class I Type - III.

How the guideline value of Old Mahabalipuram Road has changed

The guideline value for Old Mahabalipuram Road has seen several revisions over the years. In 2003, the value was set at Rs 228 per sq.ft. This increased significantly to Rs 2,260 per sq.ft in 2007, marking a rise of 891%. The value then rose to Rs 6,000 per sq.ft in 2012, which represented a 165% increase from the previous figure. However, it dropped to Rs 4,020 per sq.ft in 2017, reflecting a decrease of 33%. The value then experienced a substantial increase to Rs 6,000 per sq.ft in 2023, followed by a further rise to Rs 6,600 per sq.ft in 2024, which is a 10% increase.

Overall, from 2003 to 2024, the guideline value has increased by 2795%. It is important to note that the register has no figure for this street in 2002.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, placing Old Mahabalipuram Road's 2024 figure above this median.

• Old Mahabalipuram Road (Rajiv Gandhi Salai): Rs 6,600 per sq.ft (2024)
• Nukkam Palayam Road: Rs 3,300 per sq.ft (2024)
• Origin Phase-I: Rs 4,900 per sq.ft (2024)
• Palani Garden: Rs 1,000 per sq.ft (2024)
• Pallavaraja Garden: Rs 3,300 per sq.ft (2024)
• Panchayat Office Cross Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Old Mahabalipuram Road

For a 1,000 sq.ft plot at the current rate of Rs 6,600 per sq.ft, the guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees to Rs 5,94,000. 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 Old Mahabalipuram Road?

The Old Mahabalipuram Road is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Chemmancheri. It serves as a benchmark for determining the minimum value of a property, which is essential for calculating stamp duty and registration fees during the transaction process.

When registering a property, the guideline value is used to assess the applicable charges. Buyers and sellers should be aware that the registration fees and stamp duty are based on this value or the sale price, whichever is higher, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Old Mahabalipuram Road?

The current guideline value of Old Mahabalipuram Road is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 228 per sq.ft in 2003 to Rs 6,600 per sq.ft in 2024, marking an overall increase of 2795% over the years.

What is the land classification for Old Mahabalipuram Road?

Old Mahabalipuram Road is classified as Commercial Class I Type - III under the Neelankarai SRO.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties on Old Mahabalipuram Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000, leading to a stamp duty of Rs 4,62,000.