Guideline Value for Colony Melandai Street

Colony Melandai Street guideline value

The current guideline value of Colony Melandai Street is Rs 200 per sq.ft, effective from 1 July 2024. This street is located in Mambakkam village, under the Sunguvarchattram SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Colony Melandai Street has changed

The guideline value for Colony Melandai Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 200 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 134 per sq.ft, marking a 33% reduction. However, by the 2023 revision, the value increased to Rs 200 per sq.ft again, which was a 49% increase from the 2017 figure. The current guideline value of Rs 200 per sq.ft has remained consistent since the 2023 revision.

Additionally, there are no figures available for the years 2002, 2003, and 2007 in the register for Colony Melandai Street. Overall, from 2012 to 2024, the guideline value has not changed, remaining at Rs 200 per sq.ft.

Guideline values in Mambakkam

In Mambakkam, there are 39 streets under the Sunguvarchattram SRO that carry a 2024 guideline value, ranging from Rs 200 to Rs 1,418 per sq.ft. The median guideline value for these streets is Rs 305 per sq.ft, indicating that Colony Melandai Street's 2024 figure is below that median.

• Colony Kizhandai Street: Rs 200 per sq.ft (2024)
• Colony Bajanai Kovil Street: Rs 275 per sq.ft (2024)
• Colony Vembulliamman Kovil Street: Rs 200 per sq.ft (2024)
• ETA Florence Garden: Rs 500 per sq.ft (2024)
• Bangalore Main Road: Rs 1,250 per sq.ft (2024)
• Florence Garden: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Colony Melandai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the total guideline value would be Rs 2,00,000. The stamp duty, charged at 7%, would amount to Rs 14,000, while the registration fee at 2% would be Rs 4,000. Together, the total cost for stamp duty and registration would be Rs 18,000. 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.

Which Sub Registrar Office covers Colony Melandai Street?

The Sub Registrar Office that covers Colony Melandai Street is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, 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 plays a crucial role in the registration process when buying or selling property in Mambakkam. It serves as a reference point for determining the value of the property for taxation purposes, ensuring that the government receives the appropriate revenue from transactions.

When a property is registered, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that all property transactions are fairly assessed and appropriately taxed according to the established guidelines.

Frequently asked questions

What is the current guideline value of Colony Melandai Street?

The current guideline value of Colony Melandai Street is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen revisions from Rs 200 per sq.ft in 2012 to Rs 134 per sq.ft in 2017, then back to Rs 200 per sq.ft in 2023 and 2024. There are no figures for the years 2002, 2003, and 2007.

What is the median guideline value for streets in Mambakkam?

The median guideline value for the 39 streets in Mambakkam under the Sunguvarchattram SRO is Rs 305 per sq.ft, which is higher than the guideline value of Colony Melandai Street.

What are the stamp duty and registration fees for property in Colony Melandai Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 14,000 and the registration fee would be Rs 4,000, totaling Rs 18,000.

Where is the Sub Registrar Office for Colony Melandai Street located?

The Sub Registrar Office for Colony Melandai Street is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone.