Guideline Value for M.R.L. Colony 1st Street

M.R.L. Colony 1st Street guideline value

The current guideline value of M.R.L. Colony 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of M.R.L. Colony 1st Street has changed

The guideline value for M.R.L. Colony 1st Street has seen several revisions over the years. The earliest recorded revision was in 2012, setting the value at Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision. The 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent revision in 2024 raised it to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Kodungaiyur

Kodungaiyur village has a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft as of 2024. The median guideline value in this area is Rs 2,700 per sq.ft, placing M.R.L. Colony 1st Street's 2024 value below this median.

• M.R.L. Colony 2nd Street: Rs 2,200 per sq.ft (2024)
• M.R.L. Colony 3rd Street: Rs 2,200 per sq.ft (2024)
• M.R. Nagar 1st Cross Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 1st Main Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 2nd Cross Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in M.R.L. Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.R.L. Colony 1st Street?

The M.R.L. Colony 1st Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kodungaiyur. It determines the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duties and registration fees. Buyers and sellers must consider this value when negotiating sale prices.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures transparency and adherence to legal requirements in property transactions.

Frequently asked questions

What is the current guideline value of M.R.L. Colony 1st Street?

The current guideline value of M.R.L. Colony 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of M.R.L. Colony 1st Street?

M.R.L. Colony 1st Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For example, for a property valued at Rs 22,00,000, the total fees would be Rs 1,98,000.

Which office handles registrations for M.R.L. Colony 1st Street?

The Madhavaram Sub Registrar Office handles registrations for M.R.L. Colony 1st Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.