Guideline Value for OLD MAHABALIPURAM ROAD

Old Mahabalipuram Road guideline value

The current guideline value of Old Mahabalipuram Road is Rs 8,500 per sq.ft, effective from 1 July 2024. This property is located in Karapakkam village under the Neelankarai SRO, classified as Commercial Class I Type - I.

How the guideline value of Old Mahabalipuram Road has changed

Over the years, the guideline value of Old Mahabalipuram Road has seen several revisions. The 2007 revision set the value at Rs 2,738 per sq.ft, which increased significantly to Rs 7,500 per sq.ft in 2012. However, this figure then decreased to Rs 5,025 per sq.ft in the 2017 revision. Following this, the value rose to Rs 7,500 per sq.ft in 2023, before reaching the current rate of Rs 8,500 per sq.ft in the 2024 revision. The register has no figures for the years 2002 and 2003.

From 2007 to 2024, the overall increase in guideline value is 210%. Notably, the change from 2023 to 2024 reflects a 13% increase, while the jump from 2017 to 2023 shows a 49% rise. The period from 2012 to 2017 saw a decrease of 33%, and the increase from 2007 to 2012 was a remarkable 174%.

Guideline values in Karapakkam

In Karapakkam, there are 185 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 10,700 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.

• Oak Wood: Rs 3,000 per sq.ft (2024)
• N.K.S. Nagar Main Road: Rs 1,700 per sq.ft (2024)
• N.K.S. NAGAR 3rd CROSS STREET: Rs 1,700 per sq.ft (2024)
• N.K.S. NAGAR 2nd CROSS STREET: Rs 1,700 per sq.ft (2024)
• N.K.S. Nagar: Rs 1,700 per sq.ft (2024)
• Nehru Street: Rs 2,200 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 guideline value of Rs 8,500 per sq.ft, the total guideline value amounts to Rs 85,00,000. The stamp duty at 7% would be Rs 5,95,000, and the registration fee at 2% would be Rs 1,70,000, leading to a total of Rs 7,65,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Old Mahabalipuram Road?

The Sub Registrar Office that covers Old Mahabalipuram Road is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Karapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

During the registration, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Old Mahabalipuram Road?

The current guideline value of Old Mahabalipuram Road is Rs 8,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,738 per sq.ft in 2007 to Rs 8,500 per sq.ft in 2024, reflecting an overall increase of 210% over this period.

What are the stamp duty and registration fees for properties on Old Mahabalipuram Road?

For a property valued at Rs 85,00,000, the stamp duty would be Rs 5,95,000 and the registration fee would be Rs 1,70,000, totaling Rs 7,65,000.

Which office handles property registrations for Old Mahabalipuram Road?

The Neelankarai Sub Registrar Office handles property registrations for Old Mahabalipuram Road, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.

What is the land classification of Old Mahabalipuram Road?

Old Mahabalipuram Road is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.