Guideline Value for MAYANDI COLONY 2ND STREET

Mayandi Colony 2nd Street guideline value

The current guideline value of Mayandi Colony 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class V Type - III.

How the guideline value of Mayandi Colony 2nd Street has changed

The guideline value for Mayandi Colony 2nd Street has undergone several revisions over the years. The earliest recorded value in 2002 was Rs 612 per sq.ft, which increased to Rs 680 per sq.ft in 2003, marking an increase of 11%. In 2007, the value saw a significant jump to Rs 900 per sq.ft, reflecting a 32% rise. The 2012 revision maintained the value at Rs 3,000 per sq.ft, which remained unchanged until the 2023 revision.

In 2023, the guideline value was again set at Rs 3,000 per sq.ft, but in 2024, it increased to Rs 3,300 per sq.ft, representing a 10% rise. Notably, there are no figures available for the year 2017 for this street in the register. Overall, from 2002 to 2024, the guideline value has increased by 439%.

Guideline values in Mylapore

In Mylapore village, 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. Mayandi Colony 2nd Street's 2024 guideline value is below this median.

• Mayandi Colony 1st 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)
• Mayor Ramanathan Street: Rs 8,800 per sq.ft (2024)
• Mavadi Vinayagar Koil Street: Rs 7,100 per sq.ft (2024)
• Mathala Narayanan Street: Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in Mayandi Colony 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty, calculated at 7%, would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for these fees would be Rs 2,97,000. It is essential to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mayandi Colony 2nd Street?

The Sub Registrar Office that covers Mayandi Colony 2nd 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

The guideline value is an essential factor when registering property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the applicable duties, which are charged on the higher of the guideline value or the actual sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mayandi Colony 2nd Street?

The current guideline value of Mayandi Colony 2nd 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, increasing from Rs 612 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, which is a total increase of 439% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000. These fees are based on the guideline value.

Which office handles property registrations for Mayandi Colony 2nd Street?

The Mylapore Sub Registrar Office handles property registrations for Mayandi Colony 2nd Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the significance of the guideline value in property transactions?

The guideline value is crucial as it determines the stamp duty and registration fees during property transactions. It serves as a standard reference point for the valuation of properties within the area.