Guideline Value for MASILAMANI COLONY STREET

Masilamani Colony Street guideline value

The current guideline value of Masilamani Colony Street is Rs 8,800 per sq.ft. It is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class III Type - III.

How the guideline value of Masilamani Colony Street has changed

The guideline value for Masilamani Colony Street has seen significant changes over the years. In the 2002 revision, the guideline value was Rs 907 per sq.ft. This increased to Rs 1,008 per sq.ft in 2003, marking an increase of 11%. The value then rose to Rs 1,540 per sq.ft in 2007, which was a substantial increase of 53%. Following this, the 2012 revision saw a decrease to Rs 8,000 per sq.ft, a decline of 33%. In 2017, the value increased again to Rs 5,360 per sq.ft, reflecting a rise of 49%. The 2023 revision set the value at Rs 8,000 per sq.ft, and the most recent revision in 2024 has raised it to Rs 8,800 per sq.ft, an increase of 10%.

Overall, from the 2002 revision to the 2024 revision, the guideline value has increased by 870%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value is Rs 8,800 per sq.ft, which is equal to the current guideline value of Masilamani Colony Street.

• Marvadi Thottam: Rs 6,000 per sq.ft (2024)
• Masilamani Mudali Street: Rs 8,800 per sq.ft (2024)
• Mathala Narayanan Lane: Rs 9,300 per sq.ft (2024)
• Mathala Narayanan Street: Rs 11,500 per sq.ft (2024)
• Mavadi Vinayagar Koil Street: Rs 7,100 per sq.ft (2024)
• Mayandi Colony 1st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Masilamani Colony Street

For a 1,000 sq.ft plot at the current rate of Rs 8,800 per sq.ft, the guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, resulting in a total of Rs 7,92,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Masilamani Colony Street?

The Sub Registrar Office that covers Masilamani Colony Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, crescent Street Alwarpet, Chennai -600018. You can find your SRO for more information.

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

When buying or selling property in Mylapore, the guideline value plays a crucial role during the registration process. It is used to determine the stamp duty and registration fees that need to be paid, which are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for both buyers and sellers, as it ensures compliance with legal requirements during property transactions. It helps in establishing a transparent and fair process in the real estate market.

Frequently asked questions

What is the current guideline value of Masilamani Colony Street?

The current guideline value of Masilamani Colony Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 907 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 870% over the years.

What are the stamp duty rates for properties in Mylapore?

The stamp duty for properties in Mylapore is charged at 7% of the guideline value or sale price, whichever is higher.

Where can I find the Mylapore Sub Registrar Office?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, crescent Street Alwarpet, Chennai -600018.

What is the land classification for Masilamani Colony Street?

Masilamani Colony Street is classified as Residential Class III Type - III under the Mylapore SRO.