Guideline Value for MAYANA SALAI

Mayana Salai guideline value

The current guideline value of Mayana Salai is Rs 1,000 per sq.ft, effective from 1 July 2024. This street is located in Karapakkam village, under the Neelankarai 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 undergone several revisions over the years. The oldest available revision is from 2007, where the value was Rs 100 per sq.ft. This increased to Rs 750 per sq.ft in 2012, a rise of 650%. However, it then decreased to Rs 502 per sq.ft in 2017, marking a decline of 33%. The value then saw a significant increase to Rs 1,000 per sq.ft in 2023, which remained unchanged in the 2024 revision.

From 2017 to 2023, the guideline value increased by 99%. The overall increase from 2007 to 2024 is 900%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Karapakkam

In Karapakkam, there are 185 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 10,700 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, indicating that the guideline value of Mayana Salai is below this median.

• M.A.Vaithilingam Road: Rs 1,000 per sq.ft (2024)
• Mariyadoss Garden: Rs 1,100 per sq.ft (2024)
• Marg Ltd.,: Rs 3,000 per sq.ft (2024)
• Manimekalai Nagar: Rs 1,700 per sq.ft (2024)
• M.G.R.Street: Rs 2,200 per sq.ft (2024)
• MIDDLE 1st CROSS STREET: Rs 1,700 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 1,000 per sq.ft, the total guideline value would be Rs 10,00,000. The stamp duty at 7% would amount to Rs 70,000, and the registration fee at 2% would be Rs 20,000, bringing the total to Rs 90,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mayana Salai?

The Sub Registrar Office that covers Mayana Salai is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Karapakkam. It is used to determine the stamp duty and registration fees that need to be paid to the government. Buyers should be aware that these costs are 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 helps in assessing the financial implications of property transactions. It ensures that the correct amount of duty is paid, which is necessary for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Mayana Salai?

The current guideline value of Mayana Salai is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2007 to Rs 1,000 per sq.ft in 2024, with various increases and one decrease in between.

What is the land classification for Mayana Salai?

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

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Mayana Salai?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 10,00,000 would incur a stamp duty of Rs 70,000 at 7%.