Guideline Value for M.T.L.P. Colony

M.T.L.P. Colony guideline value

The current guideline value of M.T.L.P. Colony, located in Hastinapuram village under the Pallavaram SRO, is Rs 2,970 per sq.ft. This value is effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of M.T.L.P. Colony has changed

The guideline value of M.T.L.P. Colony has undergone several revisions over the years. The earliest recorded figure is from 2007, which was Rs 525 per sq.ft. This increased significantly to Rs 2,700 per sq.ft in 2012, marking a remarkable rise of 414%. However, in 2017, the value decreased to Rs 1,809 per sq.ft, a drop of 33%. The value then rose again to Rs 2,700 per sq.ft in 2023, and most recently to Rs 2,970 per sq.ft in 2024, reflecting a 10% increase.

Between 2017 and 2023, the guideline value increased by 49%. Overall, from the initial figure in 2007 to the current value in 2024, there has been a substantial increase of 466%. It is important to note that there are no recorded figures for the years 2002 and 2003 for this street.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, which is the same as the guideline value for M.T.L.P. Colony.

• Mosque Works Street: Rs 1,650 per sq.ft (2024)
• Mosque Streets: Rs 1,650 per sq.ft (2024)
• Muthamizh Nagar: Rs 2,970 per sq.ft (2024)
• Mithila Nagar: Rs 1,650 per sq.ft (2024)
• M.I.T. Gate Border Road: Rs 2,970 per sq.ft (2024)
• Millath Nagar: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in M.T.L.P. Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value would be Rs 29,70,000. The stamp duty at 7% would amount to Rs 2,07,900, while the registration fee at 2% would be Rs 59,400. Together, the total cost for these fees would be Rs 2,67,300. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on fees, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.T.L.P. Colony?

The M.T.L.P. Colony is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, within the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is an essential factor in the registration process for property transactions in Hastinapuram. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property in the area.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that both buyers and sellers are aware of their financial obligations. This value is crucial for maintaining transparency in property transactions.

Frequently asked questions

What is the current guideline value of M.T.L.P. Colony?

The current guideline value of M.T.L.P. Colony is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 525 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, reflecting an overall increase of 466% over the years.

What are the stamp duty and registration fees for property in M.T.L.P. Colony?

For a property valued at Rs 29,70,000, the stamp duty would be Rs 2,07,900 and the registration fee would be Rs 59,400, totaling Rs 2,67,300.

Which office handles registrations for M.T.L.P. Colony?

The Pallavaram Sub Registrar Office handles registrations for M.T.L.P. Colony, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the land classification for M.T.L.P. Colony?

The land classification for M.T.L.P. Colony is Residential Class I Type - I, indicating its suitability for residential development.