Guideline Value for MAYANDI COLONY 3RD STREET

Mayandi Colony 3rd Street guideline value

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

How the guideline value of Mayandi Colony 3rd Street has changed

The guideline value for Mayandi Colony 3rd Street has seen several revisions over the years. In 2002, the value was Rs 612 per sq.ft, which increased to Rs 680 per sq.ft in 2003, marking an 11% rise. The value then rose by 32% to Rs 900 per sq.ft in 2007. Following this, there was a significant increase of 233%, bringing the value to Rs 3,000 per sq.ft in 2012. However, the value decreased by 33% to Rs 2,010 per sq.ft in 2017. The subsequent revisions saw the value rise again to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 439%. The register has no figure for this street for the years not mentioned in the revisions.

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 3rd Street is below this median.

• Mayandi Colony 2nd Street: Rs 3,300 per sq.ft (2024)
• Mayandi Colony 4th Street: Rs 3,300 per sq.ft (2024)
• Mayandi Colony 1st 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value is 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, bringing the total to Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mayandi Colony 3rd Street?

The Sub Registrar Office that covers Mayandi Colony 3rd 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 a crucial factor in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Mayandi Colony 3rd Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 612 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 439% over this period.

What is the land classification for Mayandi Colony 3rd Street?

Mayandi Colony 3rd Street is classified as Residential Class V Type - III.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Mayandi Colony 3rd Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is stamp duty calculated for properties in Mayandi Colony 3rd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty would be calculated at 7% of this amount.