Guideline Value for OLD MAMBALAM ROAD

Old Mambalam Road guideline value

The current guideline value of Old Mambalam Road is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Old Mambalam Road has changed

The guideline value for Old Mambalam Road has seen significant changes over the years. In 2002, the guideline value was Rs 633 per sq.ft. This increased to Rs 729 per sq.ft in 2003, marking a 15% rise. The value continued to rise to Rs 1,136 per sq.ft in 2007, reflecting a 56% increase. The 2012 revision saw a decrease to Rs 4,500 per sq.ft, which was a drop of 33% from the previous figure. In 2017, the value rose again to Rs 3,015 per sq.ft, showing a 49% increase. The most recent revision in 2023 set the value at Rs 4,500 per sq.ft, before reaching the current figure of Rs 4,950 per sq.ft in 2024, which is a 10% increase from the previous year.

There are no figures available for revisions in years other than those listed. The overall change from 2002 to 2024 represents an increase of 682% in the guideline value.

Guideline values in Saidapet

In Saidapet, there are 52 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,250 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Old Mambalam Road is above this median.

• Othavadai Street: Rs 3,300 per sq.ft (2024)
• New Colony Main Road: Rs 4,400 per sq.ft (2024)
• New Colony 4th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 1st Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Old Mambalam Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, resulting in a total of Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations based on your property.

Which Sub Registrar Office covers Old Mambalam Road?

The Sub Registrar Office that covers Old Mambalam Road is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Saidapet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

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

Frequently asked questions

What is the current guideline value of Old Mambalam Road?

The current guideline value of Old Mambalam Road is Rs 4,950 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 633 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 682%.

What is the land classification for Old Mambalam Road?

Old Mambalam Road is classified as Residential Class I Type - I.

Which Sub Registrar Office covers Old Mambalam Road?

The Chennai South Joint I Sub Registrar Office covers Old Mambalam Road, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Old Mambalam Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 49,50,000 would incur a stamp duty of Rs 3,46,500 at 7%.