Guideline Value for MAYANDI COLONY 1ST STREET

Mayandi Colony 1st Street guideline value

The current guideline value of Mayandi Colony 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village under the Mylapore SRO, classified as Residential Class V Type - III.

How the guideline value of Mayandi Colony 1st Street has changed

The guideline value for Mayandi Colony 1st Street has seen several revisions over the years. In the 2002 revision, the value was Rs 612 per sq.ft, which increased to Rs 680 per sq.ft in 2003, marking a change of +11%. The value continued to rise, reaching Rs 900 per sq.ft in 2007, a significant increase of +32%. The 2012 revision saw the value rise to Rs 3,000 per sq.ft, an increase of +233% from the previous revision. However, in 2017, the value dropped to Rs 2,010 per sq.ft, a decrease of -33%. The 2023 revision brought the value back up to Rs 3,000 per sq.ft, and the latest 2024 revision has set it at Rs 3,300 per sq.ft, reflecting a change of +10%.

There are no figures available for the revisions of the years not listed in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by +439%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value of Mayandi Colony 1st Street is below this median.

• Mayandi Colony 2nd Street: Rs 3,300 per sq.ft (2024)
• Mayandi Colony 3rd Street: Rs 3,300 per sq.ft (2024)
• Mayandi Colony 4th Street: Rs 3,300 per sq.ft (2024)
• Mavadi Vinayagar Koil Street: Rs 7,100 per sq.ft (2024)
• Mayor Ramanathan Street: Rs 8,800 per sq.ft (2024)
• Mathala Narayanan Street: Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in Mayandi Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. Duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mayandi Colony 1st Street?

The Sub Registrar Office that covers Mayandi Colony 1st 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 details.

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

The guideline value is a crucial factor when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration norms.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mayandi Colony 1st Street?

The current guideline value of Mayandi Colony 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly over the years, from Rs 612 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of +439%.

What is the land classification for Mayandi Colony 1st Street?

Mayandi Colony 1st Street is classified as Residential Class V Type - III under the Mylapore SRO.

Where can I find the Sub Registrar Office for Mayandi Colony 1st Street?

The Sub Registrar Office for Mayandi Colony 1st Street is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total fee of Rs 2,97,000.