Guideline Value for MES Colony

MES Colony guideline value

The current guideline value of MES Colony, located in Selaiyur village under the Selaiyur SRO, is Rs 950 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class IV Type - II.

How the guideline value of MES Colony has changed

The guideline value for MES Colony has undergone several revisions over the years. Starting from the 2007 revision, the value was Rs 450 per sq.ft. It increased to Rs 900 per sq.ft in 2012, marking a significant rise of 100%. However, in 2017, the value decreased to Rs 603 per sq.ft, which was a decline of 33%. The value then saw a substantial increase to Rs 900 per sq.ft in 2023, followed by another rise to Rs 950 per sq.ft in 2024, reflecting a 6% increase.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 111%. Notably, there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,500 per sq.ft. The median value is Rs 2,200 per sq.ft, indicating that the 2024 figure for MES Colony is below this median. Here are some other streets in Selaiyur:

• Mayanapuram 5th Street: Rs 2,900 per sq.ft (2024)
• Mayanapuram 4th Street: Rs 2,900 per sq.ft (2024)
• Mayanapuram 3rd Street: Rs 2,900 per sq.ft (2024)
• Mayanapuram 2nd Street: Rs 2,900 per sq.ft (2024)
• Mayanapuram 1st Street: Rs 2,900 per sq.ft (2024)
• Mayanapuram: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in MES Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 950 per sq.ft, the total guideline value amounts to Rs 9,50,000. The stamp duty at 7% would be Rs 66,500, and the registration fee at 2% would be Rs 19,000, bringing the total cost for these fees to Rs 85,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers MES Colony?

The MES Colony falls under the jurisdiction of the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value serves as a benchmark for determining the minimum value of a property during registration. When buying or selling property in Selaiyur, the guideline value is used to calculate stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

During the registration process, the higher of the guideline value or the sale price is considered for calculating the applicable duties. This approach helps maintain transparency and consistency in property transactions within the area.

Frequently asked questions

What is the current guideline value of MES Colony?

The current guideline value of MES Colony is Rs 950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 450 per sq.ft in 2007 to Rs 950 per sq.ft in 2024, reflecting an overall increase of 111% over this period.

What is the land classification for MES Colony?

MES Colony is classified as Residential Class IV Type - II, which indicates its designation for residential development.

What are the stamp duty and registration fees for property in MES Colony?

For a property valued at Rs 9,50,000, the stamp duty would be Rs 66,500 and the registration fee would be Rs 19,000, totaling Rs 85,500. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for MES Colony?

The Selaiyur Sub Registrar Office handles registrations for MES Colony, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.