Guideline Value for Otteri Salai (Mandaveli Street)

Otteri Salai (Mandaveli Street) guideline value

The current guideline value of Otteri Salai (Mandaveli Street) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in the Madipakkam-1 village under the Velacheri SRO, classified as Residential Class I Type - II.

How the guideline value of Otteri Salai (Mandaveli Street) has changed

In the 2017 revision, the guideline value was Rs 2,010 per sq.ft. This increased to Rs 3,000 per sq.ft in the 2023 revision, marking a change of 49%. The latest revision in 2024 saw a further increase to Rs 3,300 per sq.ft, which is a 10% rise from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In the Madipakkam-1 village, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Otteri Salai (Mandaveli Street) above that median.

• Otterry Road 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Ottery Road: Rs 3,300 per sq.ft (2024)
• Ottery Road 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Orange Street: Rs 1,650 per sq.ft (2024)
• Om Sakthi Street: Rs 2,750 per sq.ft (2024)
• Om Sakthi Avenue: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Otteri Salai (Mandaveli Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Please 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 details.

Which Sub Registrar Office covers Otteri Salai (Mandaveli Street)?

The Sub Registrar Office that covers Otteri Salai (Mandaveli Street) is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When finalizing a sale, the guideline value is compared with the sale price, and the duty is charged on the higher of the two. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Otteri Salai (Mandaveli Street)?

The current guideline value of Otteri Salai (Mandaveli Street) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 2,010 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, which is a total increase of 64% over this period.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, with Otteri Salai (Mandaveli Street) being above this median at Rs 3,300 per sq.ft.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where can I find the Sub Registrar Office for Otteri Salai (Mandaveli Street)?

The Sub Registrar Office for Otteri Salai (Mandaveli Street) is located at Velacheri Sub Registrar Office, No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.