Guideline Value for Fisherman Colony

Fisherman Colony guideline value

The current guideline value of Fisherman Colony, located in Mamallapuram village under the Thirukazhukundram SRO, is Rs 825 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - III.

How the guideline value of Fisherman Colony has changed

The guideline value for Fisherman Colony has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 825 per sq.ft, an increase from Rs 750 per sq.ft in 2023, marking a 10% rise. Prior to that, in 2017, the guideline value was Rs 502 per sq.ft, which means there was a significant increase of 49% to reach the 2023 figure. In 2012, the value was Rs 750 per sq.ft, indicating a decrease of 33% to the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

The register has no figures for the years 2002, 2003, and 2007 for this street. Therefore, the changes noted above reflect only the revisions from 2012 onwards.

Guideline values in Mamallapuram

In Mamallapuram, there are 133 streets under the Thirukazhukundram SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 1,650 per sq.ft, with a median value of Rs 935 per sq.ft. Fisherman Colony's current guideline value is below this median.

• Fisherman Colony 1st Cross Street: Rs 550 per sq.ft (2024)
• Fisherman Colony 2nd Cross Street: Rs 550 per sq.ft (2024)
• Fisherman Colony 3rd Cross Street: Rs 550 per sq.ft (2024)
• Fisherman Colony 4th Cross Street: Rs 550 per sq.ft (2024)
• Fisherman Colony 5th Cross Street: Rs 550 per sq.ft (2024)
• Fisherman Colony 6th Cross Street: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Fisherman Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 825 per sq.ft, the total guideline value would be Rs 8,25,000. The stamp duty at 7% would amount to Rs 57,750, while the registration fee at 2% would be Rs 16,500, bringing the total cost for these fees to Rs 74,250. It's important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Fisherman Colony?

The Fisherman Colony is covered by the Thirukazhukundram Sub Registrar Office, located at Thiruchengode - 637 211 in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Mamallapuram, as it determines the minimum value at which a property can be registered. Buyers and sellers must refer to the guideline value to calculate the applicable stamp duty and registration fees, which are based on this value or the sale price, whichever is higher.

When purchasing property, it is essential to be aware of the guideline value to ensure compliance with local regulations and to avoid any potential legal issues during the registration process. Understanding the guideline value helps in making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value for Fisherman Colony?

The current guideline value for Fisherman Colony is Rs 825 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 750 per sq.ft in 2023 to Rs 825 per sq.ft in 2024, which is an increase of 10%. It was Rs 502 per sq.ft in 2017 and Rs 750 per sq.ft in 2012, showing a significant increase of 49% from 2017 to 2023.

What are the other streets in Mamallapuram with their guideline values?

Other streets in Mamallapuram include Fisherman Colony 1st Cross Street, 2nd Cross Street, 3rd Cross Street, 4th Cross Street, 5th Cross Street, and 6th Cross Street, all of which have a guideline value of Rs 550 per sq.ft as of 2024.

What fees are applicable when registering property in Fisherman Colony?

When registering property in Fisherman Colony, the applicable fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Fisherman Colony?

The Thirukazhukundram Sub Registrar Office handles property registrations for Fisherman Colony, located at Thiruchengode - 637 211, Chengalpattu zone.