Guideline Value for Mahaveer Nagar 1st Street

Mahaveer Nagar 1st Street guideline value

The current guideline value of Mahaveer Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Mahaveer Nagar 1st Street has changed

The guideline value for Mahaveer Nagar 1st Street has seen several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 700 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in 2012, marking a rise of 329%. However, by 2017, the value decreased to Rs 2,010 per sq.ft, a drop of 33%. The value then rose sharply to Rs 3,000 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 3,300 per sq.ft, an increase of 10% from the previous year.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 371%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a guideline value for 2024, ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is equal to the current guideline value for Mahaveer Nagar 1st Street.

• Mahaveer Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Mahaveer Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Mahaveer Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Maharaja Nagar: Rs 2,200 per sq.ft (2024)
• Makkaram Thottam 10th Street: Rs 3,300 per sq.ft (2024)
• Makkaram Thottam 11th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mahaveer Nagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, these charges would total Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahaveer Nagar 1st Street?

The Sub Registrar Office that covers Mahaveer Nagar 1st Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kolathur. When buying or selling property, the guideline value serves as a benchmark for determining the stamp duty and registration fees. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements.

During the registration process, the guideline value is compared with the sale price of the property. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that the transaction is accurately recorded in the official register.

Frequently asked questions

What is the current guideline value of Mahaveer Nagar 1st Street?

The current guideline value of Mahaveer Nagar 1st 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 700 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 371% over the years.

What is the land classification for Mahaveer Nagar 1st Street?

Mahaveer Nagar 1st Street is classified as Residential Class I Type - I.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for properties in Kolathur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.