Guideline Value for M.R.L. Colony 3rd Street

M.R.L. Colony 3rd Street guideline value

The current guideline value of M.R.L. Colony 3rd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Jampuli village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of M.R.L. Colony 3rd Street has changed

The guideline value for M.R.L. Colony 3rd Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which was then decreased to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and further rose to the current rate of Rs 2,200 per sq.ft in the 2024 revision. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 26%. However, from 2017 to 2023, it increased by 49%. The latest change from 2023 to 2024 reflects a 10% increase. 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, with a median value of Rs 2,450 per sq.ft. M.R.L. Colony 3rd Street's current guideline value is below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total 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.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.R.L. Colony 3rd Street?

The M.R.L. Colony 3rd Street is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Jampuli. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property. Buyers and sellers should be aware that the guideline value can influence the overall cost of the transaction.

When registering a property, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable duties and fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of M.R.L. Colony 3rd Street?

The current guideline value of M.R.L. Colony 3rd 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 increased to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft in 2024.

What is the land classification of M.R.L. Colony 3rd Street?

M.R.L. Colony 3rd Street is classified as Residential Class II Type - I.

Which office handles registrations for properties in M.R.L. Colony 3rd Street?

The Madhavaram Sub Registrar Office handles registrations for properties in M.R.L. Colony 3rd Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Jampuli?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For M.R.L. Colony 3rd Street, the guideline value is currently Rs 2,200 per sq.ft, which will be used to determine the stamp duty and registration fees.