Guideline Value for OLD MAHABALIPURAM ROAD

Old Mahabalipuram Road guideline value

The current guideline value of Old Mahabalipuram Road is Rs 8,800 per sq.ft, effective from 1 July 2024. This road is located in Perungudi 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 seen several revisions over the years. In 2002, the value was Rs 479 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2003, marking a rise of 109%. Following this, the value surged to Rs 4,408 per sq.ft in 2007, reflecting an increase of 341%. The 2012 revision saw a decrease to Rs 8,000 per sq.ft, a drop of 33% from the previous figure. However, in 2017, the value rose again to Rs 5,360 per sq.ft, which was a 49% increase. The most recent revision in 2023 set the value at Rs 8,000 per sq.ft, and the upcoming 2024 revision will increase it to Rs 8,800 per sq.ft, a 10% rise.

There are no figures available for the guideline value of Old Mahabalipuram Road for the years not listed in the register. Overall, from 2002 to 2024, the guideline value has increased by 1737%.

Guideline values in Perungudi

In Perungudi, there are 249 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Old Mahabalipuram Road is significantly above this median.

• Padmavathy Nagar: Rs 5,500 per sq.ft (2024)
• New India Colony Main Road: Rs 3,900 per sq.ft (2024)
• New India Colony Ist Street: Rs 3,900 per sq.ft (2024)
• New India Colony 3rd Street: Rs 3,900 per sq.ft (2024)
• New India Colony 2nd Street: Rs 3,900 per sq.ft (2024)
• New India Colony: Rs 3,900 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, while the registration fee at 2% would be Rs 1,76,000. Therefore, the total cost for stamp duty and registration would be Rs 7,92,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the 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 registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during property registration in Perungudi. It is used to determine the stamp duty and registration fees applicable when a property is bought or sold. Buyers and sellers must ensure that the guideline value is accurately reflected in the registration documents to avoid any legal complications.

When purchasing property, the buyer must pay the stamp duty 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 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 479 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 1737% over this period.

What is the land classification for Old Mahabalipuram Road?

Old Mahabalipuram Road is classified as Commercial Class I Type - I.

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 registration zone.

How is the stamp duty calculated for properties in Perungudi?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. It is important for buyers to understand this when planning their budget for property transactions.