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 Kodungaiyur village, under the Madhavaram SRO, and is classified as 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 seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the latest revision in 2024 has further increased it to Rs 2,200 per sq.ft.

From 2017 to 2023, there was a significant increase of 49%, while the change from 2012 to 2017 saw a decrease of 33%. 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.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO carrying a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft, with a median value of Rs 2,700 per sq.ft. M.R.L. Colony 2nd Street's current guideline value 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)
• 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 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, making the total charges 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.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers M.R.L. Colony 2nd Street?

The Sub Registrar Office that covers M.R.L. Colony 2nd Street is 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 the registration process when buying or selling property in Kodungaiyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount based on the value of the property being transferred.

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 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, marking a 10% increase. It was Rs 1,340 per sq.ft in 2017 and Rs 2,000 per sq.ft in 2012.

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

M.R.L. Colony 2nd Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty rates applicable in M.R.L. Colony 2nd Street?

The stamp duty rate for property transactions in M.R.L. Colony 2nd Street is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it is responsible for property registrations in the area.