Guideline Value for M.R.L. Colony 2nd Street

M.R.L. Colony 2nd Street guideline value

The current guideline value of M.R.L. Colony 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Jampuli village, under the Madhavaram SRO, with a land classification of Residential Class II Type - I.

How the guideline value of M.R.L. Colony 2nd Street has changed

The guideline value for M.R.L. Colony 2nd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017. This was a decline of 26%. However, in the 2023 revision, the value increased to Rs 2,000 per sq.ft, marking a significant rise of 49%. The most recent revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

There are no registered figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 22%.

Guideline values in Jampuli

In Jampuli village, there are 118 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,700 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,450 per sq.ft, indicating that M.R.L. Colony 2nd Street's 2024 figure is below this median.

• M.R.L. Colony 1st Street: Rs 2,200 per sq.ft (2024)
• M.R.L. Colony 3rd Street: Rs 2,200 per sq.ft (2024)
• Mathur Salai: Rs 1,900 per sq.ft (2024)
• New Colony (30 Feet Road): Rs 1,900 per sq.ft (2024)
• Loganathan Avenue: Rs 2,700 per sq.ft (2024)
• Palaniappa Road: Rs 3,000 per sq.ft (2024)

Stamp duty and registration fee for property in M.R.L. Colony 2nd 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. Together, these fees would total Rs 1,98,000. It is 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 M.R.L. Colony 2nd Street?

The M.R.L. Colony 2nd Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a reference point used during the registration of property transactions in Jampuli. It helps determine the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is considered to ensure that the transaction is recorded at a fair value, which is essential for legal and tax purposes. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of M.R.L. Colony 2nd Street?

The current guideline value of M.R.L. Colony 2nd 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 1,800 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the stamp duty for property in M.R.L. Colony 2nd Street?

The stamp duty for property in M.R.L. Colony 2nd Street is calculated at 7% of the guideline value or the sale price, whichever is higher.

Which office handles property registration for M.R.L. Colony 2nd Street?

The Madhavaram Sub Registrar Office handles property registration for M.R.L. Colony 2nd Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for M.R.L. Colony 2nd Street?

The land classification for M.R.L. Colony 2nd Street is Residential Class II Type - I, indicating its designation for residential use.