Guideline Value for JEEVAN BHEEMA COLONY

Jeevan Bheema Colony guideline value

The current guideline value of Jeevan Bheema Colony is Rs 8,800 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village under the Mylapore SRO, with a land classification of Residential Class III Type - III.

How the guideline value of Jeevan Bheema Colony has changed

The guideline value for Jeevan Bheema Colony has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 1,044 per sq.ft. It increased to Rs 1,160 per sq.ft in 2003, followed by a rise to Rs 1,540 per sq.ft in 2007. The 2012 revision set the value at Rs 8,000 per sq.ft, which then dropped to Rs 5,360 per sq.ft in 2017. The 2023 revision brought it back to Rs 8,000 per sq.ft, and the current 2024 revision has increased it to Rs 8,800 per sq.ft.

Between the revisions, there have been notable changes. From 2002 to 2003, the increase was +11%. The value rose by +33% from 2003 to 2007, followed by a significant increase of +419% from 2007 to 2012. There was a decrease of -33% from 2012 to 2017, and then an increase of +49% from 2017 to 2023. The latest revision from 2023 to 2024 shows an increase of +10%. Overall, from 2002 to 2024, the guideline value has increased by +743%.

Guideline values in Mylapore

The village of Mylapore has a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, which is the same as the current value for Jeevan Bheema Colony.

• Jeth Nagar 1st Cross Street: Rs 8,800 per sq.ft (2024)
• Jeth Nagar 2nd Cross Street: Rs 8,800 per sq.ft (2024)
• Jeth Nagar 3rd Cross Street: Rs 8,800 per sq.ft (2024)
• Jeth Nagar Main Road: Rs 8,800 per sq.ft (2024)
• Jonegan Lane: Rs 8,800 per sq.ft (2024)
• Jonegan Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Jeevan Bheema Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, leading to a total of Rs 7,92,000 for these fees. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jeevan Bheema Colony?

The Jeevan Bheema Colony falls under the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Mylapore. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is documented at a recognized value. Buyers and sellers must consider this value during the registration process to ensure compliance with local regulations.

When a property is sold, the guideline value is used to determine the applicable charges, which can affect the overall cost of the transaction. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Jeevan Bheema Colony?

The current guideline value of Jeevan Bheema Colony is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions, increasing significantly from Rs 1,044 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024.

What is the land classification for Jeevan Bheema Colony?

Jeevan Bheema Colony is classified as Residential Class III Type - III.

Where can I find the Mylapore Sub Registrar Office?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is stamp duty calculated for properties in Jeevan Bheema Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 88,00,000 would incur a stamp duty of Rs 6,16,000 at a rate of 7%.