Guideline Value for OLD MAHABALIPURAM ROAD

Old Mahabalipuram Road guideline value

The current guideline value for Old Mahabalipuram Road is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Old Mahabalipuram Road has changed

The guideline value for Old Mahabalipuram Road has undergone several revisions over the years. Starting from Rs 310 per sq.ft in 2003, the value saw a significant increase to Rs 2,910 per sq.ft in 2007, followed by a rise to Rs 8,000 per sq.ft in 2012. However, it decreased to Rs 5,360 per sq.ft in 2017 before climbing to Rs 8,000 per sq.ft again in 2023. The most recent revision in 2024 set the value at Rs 8,800 per sq.ft.

Between these revisions, there were notable changes: from 2003 to 2007, the value increased by 839%; from 2007 to 2012, it rose by 175%; then it decreased by 33% from 2012 to 2017. The value jumped by 49% from 2017 to 2023 and increased by 10% from 2023 to 2024. Overall, the guideline value has increased by 2739% from 2003 to 2024.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, placing Old Mahabalipuram Road's 2024 figure above this median.

• Okkiyam Pettai: Rs 3,300 per sq.ft (2024)
• N.I.K.Avenue: Rs 6,100 per sq.ft (2024)
• Pallavan Kudi Iruppu Via 1 St Street: Rs 3,900 per sq.ft (2024)
• PALLAVAN KUDI IRUPPU VIA 2nd STREET 3rd STREET: Rs 3,900 per sq.ft (2024)
• Pallavan Nagar & P.T.C.Quarters: Rs 3,900 per sq.ft (2024)
• Pallavan Street: Rs 3,300 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 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total cost for these fees to Rs 7,92,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can calculate your potential fees using our stamp duty and registration fee calculator.

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 Okkiyamthuraipakkam

The guideline value is a crucial factor in the registration process for buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which is essential for both the buyer and seller. It helps in maintaining transparency in property dealings and ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Old Mahabalipuram Road?

The current guideline value of Old Mahabalipuram Road 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 significantly from Rs 310 per sq.ft in 2003 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 2739% over this period.

What is the median guideline value in Okkiyamthuraipakkam?

The median guideline value in Okkiyamthuraipakkam is Rs 3,300 per sq.ft, while Old Mahabalipuram Road's value is above this median.

What fees are associated with buying property on Old Mahabalipuram Road?

When buying property on Old Mahabalipuram Road, you will incur a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where can I find the Neelankarai Sub Registrar Office?

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