Guideline Value for OLD MAMBAKKAM GANDHI STREET

Old Mambakkam Gandhi Street guideline value

The current guideline value of Old Mambakkam Gandhi Street is Rs 385 per sq.ft, effective from 1 July 2024. This street is located in Mambakkam village and falls under the Madurandakam SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Old Mambakkam Gandhi Street has changed

The guideline value for Old Mambakkam Gandhi Street has seen several revisions over the years. In 2007, the guideline value was Rs 80 per sq.ft. This increased significantly to Rs 700 per sq.ft in 2012, marking a rise of 775%. However, in the subsequent revisions, the value decreased to Rs 469 per sq.ft in 2017, which was a drop of 33%. The 2023 revision set the value at Rs 350 per sq.ft, reflecting a further decrease of 25%. The most recent revision in 2024 has increased the value to Rs 385 per sq.ft, which is a rise of 10% from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 381%.

Guideline values in Mambakkam

In Mambakkam, there are 26 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 770 per sq.ft. The median value among these streets is Rs 330 per sq.ft, making the guideline value for Old Mambakkam Gandhi Street above that median.

• Old Mambakkam Brammanar Street, New Colony: Rs 330 per sq.ft (2024)
• Old Mambakkam Old Brammanar Street, Jayanagar: Rs 330 per sq.ft (2024)
• Old Mambakkam Ora Veedhi Street: Rs 330 per sq.ft (2024)
• Old Mambakkam Sunambedu Road: Rs 330 per sq.ft (2024)
• Om Sakthi Avenue: Rs 770 per sq.ft (2024)
• New Mambakkam Sunambedu Road: Rs 385 per sq.ft (2024)

Stamp duty and registration fee for property in Old Mambakkam Gandhi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 385 per sq.ft, the total guideline value amounts to Rs 3,85,000. The stamp duty at 7% would be Rs 26,950, while the registration fee at 2% would be Rs 7,700. Together, the total cost for stamp duty and registration fee would be Rs 34,650. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Old Mambakkam Gandhi Street?

The Sub Registrar Office that covers Old Mambakkam Gandhi Street is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration process when buying or selling property in Mambakkam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that both parties are aware of the official valuation of the property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the state receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Old Mambakkam Gandhi Street?

The current guideline value for Old Mambakkam Gandhi Street is Rs 385 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 80 per sq.ft in 2007 to Rs 385 per sq.ft in 2024, with various revisions in between showing both increases and decreases.

What are the stamp duty rates for properties in this area?

The stamp duty for properties in Old Mambakkam Gandhi Street is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located?

The Madurandakam Sub Registrar Office is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

What is the median guideline value in Mambakkam?

The median guideline value for streets in Mambakkam is Rs 330 per sq.ft, with Old Mambakkam Gandhi Street's value being above this median.