Guideline Value for Mahalingam Colony Layout

Mahalingam Colony Layout guideline value

The current guideline value of Mahalingam Colony Layout is Rs 7,700 per sq.ft, effective from 1 July 2024. This layout is located in Nungambakkam village under the Chennai Central Joint II SRO and is classified as Residential Class I Type - I.

How the guideline value of Mahalingam Colony Layout has changed

Over the years, the guideline value for Mahalingam Colony Layout has seen significant changes. The 2007 revision set the value at Rs 2,000 per sq.ft, which increased to Rs 7,000 per sq.ft in 2012. However, the value dropped to Rs 4,690 per sq.ft in 2017, before rising to Rs 7,000 per sq.ft in 2023. The latest revision in 2024 has increased the value to Rs 7,700 per sq.ft, marking a 10% increase from the previous year.

In summary, the guideline value has increased from Rs 2,000 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, representing an overall increase of 285%. The revisions for the years 2002 and 2003 do not have figures available for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value is Rs 8,800 per sq.ft, placing Mahalingam Colony Layout's 2024 figure below that median.

• Mahalingam Chetty Street: Rs 10,400 per sq.ft (2024)
• Mahalingam Main Road (North Usman Road): Rs 11,500 per sq.ft (2024)
• Mahalingam Chetty Road: Rs 10,400 per sq.ft (2024)
• Mahalingam Road 1st Cross St: Rs 8,800 per sq.ft (2024)
• Mahalingam Road 2nd Cross Street: Rs 8,800 per sq.ft (2024)
• Makkis Garden 1st Street: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalingam Colony Layout

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total to Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Mahalingam Colony Layout?

The Mahalingam Colony Layout is covered by the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, crescent Street Alwarpet, Chennai -600018. For more details, you can find your SRO.

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

When buying or selling property in Nungambakkam, the guideline value is used as a benchmark for calculating the stamp duty and registration fees. This value is crucial during the registration process, as it determines the amount of duty payable based on the property's assessed worth.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly influences the financial aspects of property transactions. Ensuring that the property is registered according to the guideline value helps in maintaining transparency and legality in real estate dealings.

Frequently asked questions

What is the current guideline value of Mahalingam Colony Layout?

The current guideline value of Mahalingam Colony Layout is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,000 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 285% across the revisions.

What is the stamp duty for property in Mahalingam Colony Layout?

The stamp duty for property in Mahalingam Colony Layout is 7% of the guideline value or sale price, whichever is higher. For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000.

Which Sub Registrar Office covers Mahalingam Colony Layout?

The Chennai Central Joint II Sub Registrar Office covers Mahalingam Colony Layout, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, crescent Street Alwarpet, Chennai -600018.

What is the land classification of Mahalingam Colony Layout?

Mahalingam Colony Layout is classified as Residential Class I Type - I, indicating its designation for residential purposes within the Chennai Central Joint II SRO jurisdiction.