Guideline Value for MAYANAM STREET

Mayanam Street guideline value

The current guideline value of Mayanam Street is Rs 3,520 per sq.ft, effective from 1 July 2024. This street is located in Thiruvanmiyur village under the Chennai South Joint I SRO, and it falls under the Residential Class V Type - III land classification.

How the guideline value of Mayanam Street has changed

The guideline value for Mayanam Street has seen several revisions over the years. In 2012, the value was Rs 3,200 per sq.ft, which decreased to Rs 2,144 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly to Rs 3,200 per sq.ft, and in the latest revision for 2024, it rose to Rs 3,520 per sq.ft. The changes between these revisions are notable, with a 49% increase from 2017 to 2023 and a 10% increase from 2023 to 2024. The overall change from 2012 to 2024 is a 10% increase.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for Mayanam Street.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are a total of 484 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 3,520 to Rs 12,660 per sq.ft, with a median value of Rs 9,900 per sq.ft. Mayanam Street's 2024 guideline value is below this median.

• Marutheeswarar Nagar: Rs 3,520 per sq.ft (2024)
• Meenatchi Nagar: Rs 7,150 per sq.ft (2024)
• Mettu Street: Rs 11,000 per sq.ft (2024)
• M.G.Ramachandra Road: Rs 12,660 per sq.ft (2024)
• Mandalam Street (Road): Rs 3,520 per sq.ft (2024)
• M.G.R. Street: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Mayanam Street

For a 1,000 sq.ft plot at the current rate of Rs 3,520 per sq.ft, the guideline value amounts to Rs 35,20,000. The stamp duty at 7% would be Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, totaling Rs 3,16,800. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mayanam Street?

The Sub Registrar Office that covers Mayanam Street 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 Thiruvanmiyur

The guideline value is a critical factor when registering property transactions in Thiruvanmiyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property registration.

When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately and that the appropriate taxes are collected. It is essential for buyers and sellers to be aware of the current guideline value to facilitate a smooth registration process.

Frequently asked questions

What is the current guideline value of Mayanam Street?

The current guideline value of Mayanam Street is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,200 per sq.ft in 2012 to Rs 2,144 per sq.ft in 2017, then increased to Rs 3,200 per sq.ft in 2023, and finally to Rs 3,520 per sq.ft in 2024.

What is the land classification for Mayanam Street?

Mayanam Street falls under the Residential Class V Type - III land classification.

What are the stamp duty and registration fees for property in Mayanam Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 3,16,800, which includes a stamp duty of Rs 2,46,400 and a registration fee of Rs 70,400.

Which Sub Registrar Office covers Mayanam Street?

The Chennai South Joint I Sub Registrar Office covers Mayanam Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.