Guideline Value for Old Mahabalipuram Road

Old Mahabalipuram Road guideline value

The current guideline value of Old Mahabalipuram Road in Seevaram village, under the Neelankarai SRO, is Rs 8,300 per sq.ft, effective from 1 July 2024. This street 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 significant changes over the years. In 2002, the value was Rs 254 per sq.ft, which increased to Rs 1,000 per sq.ft in 2003, marking a substantial rise of 294%. The subsequent revisions saw the value drop to Rs 7,500 per sq.ft in 2012, a decrease of 33% from Rs 5,025 per sq.ft in 2017. The value then increased to Rs 7,500 per sq.ft in 2023 before reaching the current figure of Rs 8,300 per sq.ft in 2024, reflecting an increase of 11%.

Overall, from 2002 to 2024, the guideline value has increased by an impressive 3168%. It is important to note that there is no figure available for the year 2007 in the register for this street.

Guideline values in Seevaram

In Seevaram, there are 84 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,300 per sq.ft. The median value for these streets is Rs 2,800 per sq.ft, placing Old Mahabalipuram Road's current guideline value above this median.

• Panchayat High Road: Rs 3,900 per sq.ft (2024)
• Panchayat High Road Cross Street: Rs 3,900 per sq.ft (2024)
• Panchayat Link Road: Rs 3,300 per sq.ft (2024)
• Maruthi Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Maruthi Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Maruthi Nagar 2nd Cross 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 8,300 per sq.ft, the total guideline value amounts to Rs 83,00,000. The stamp duty at 7% would be Rs 5,81,000, and the registration fee at 2% would be Rs 1,66,000, bringing the total cost for these fees to Rs 7,47,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, 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 more information.

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

The guideline value is a crucial factor when registering property transactions in Seevaram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the officially recognized value of the property.

When buying or selling property, the guideline value helps in determining the legal and financial obligations involved in the transaction. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Old Mahabalipuram Road?

The current guideline value of Old Mahabalipuram Road is Rs 8,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 254 per sq.ft in 2002 to Rs 8,300 per sq.ft in 2024, showing a significant overall increase of 3168% over the years.

What are the stamp duty and registration fees for property in Old Mahabalipuram Road?

For a 1,000 sq.ft plot, the stamp duty would be Rs 5,81,000, and the registration fee would be Rs 1,66,000, totaling Rs 7,47,000 based on the current guideline value.

Which Sub Registrar Office covers Old Mahabalipuram Road?

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

What is the land classification for Old Mahabalipuram Road?

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