Guideline Value for MAYANA SALAI

Mayana Salai guideline value

The current guideline value for Mayana Salai in Kolathuvancheri village is Rs 990 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - II.

How the guideline value of Mayana Salai has changed

The guideline value for Mayana Salai has seen several revisions over the years. The earliest recorded value was Rs 900 per sq.ft in 2012. This figure was reduced to Rs 603 per sq.ft in 2017, marking a decrease of 33%. In 2023, the value increased to Rs 900 per sq.ft, and in the latest revision for 2024, it has risen to Rs 990 per sq.ft, reflecting a 10% increase from the previous year.

Between 2017 and 2023, the guideline value increased by 49%. 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 Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO with 2024 guideline values ranging from Rs 660 to Rs 4,600 per sq.ft. The median value among these streets is Rs 1,650 per sq.ft, placing Mayana Salai's guideline value below this median.

• Mangala Nagar 2nd Street: Rs 990 per sq.ft (2024)
• Mangala Nagar 1st Street: Rs 990 per sq.ft (2024)
• Maduram Nagar Extn.: Rs 1,650 per sq.ft (2024)
• Maduram Nagar 5th Street: Rs 1,650 per sq.ft (2024)
• Maduram Nagar 4th Street: Rs 1,650 per sq.ft (2024)
• Maduram Nagar 3rd Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Mayana Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value would be Rs 9,90,000. The stamp duty at 7% would amount to Rs 69,300, and the registration fee at 2% would be Rs 19,800, bringing the total charges to Rs 89,100. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mayana Salai?

The Sub Registrar Office that covers Mayana Salai is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Kolathuvancheri. It serves as a benchmark for determining the minimum value of a property, ensuring that properties are registered at a value that reflects the prevailing market conditions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Mayana Salai?

The current guideline value of Mayana Salai is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then back to Rs 900 per sq.ft in 2023, and finally to Rs 990 per sq.ft in 2024.

What is the land classification of Mayana Salai?

Mayana Salai is classified as Residential Class IV Type - II.

Where can I find the registration office for Mayana Salai?

The registration office for Mayana Salai is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What are the stamp duty rates for property transactions in Mayana Salai?

The stamp duty rate for property transactions in Mayana Salai is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.