Guideline Value for Mahaveer Nagar 2nd Street

Mahaveer Nagar 2nd Street guideline value

The current guideline value of Mahaveer Nagar 2nd 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 2nd Street has changed

The guideline value for Mahaveer Nagar 2nd Street has undergone several revisions since 2007. In 2007, the value was Rs 700 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, it decreased to Rs 2,010 per sq.ft in 2017, marking a decline of 33%. The value then rose sharply to Rs 3,000 per sq.ft in 2023, and further increased by 10% to the current rate of Rs 3,300 per sq.ft in 2024.

Between the revisions, the most notable change occurred from 2007 to 2024, where the overall increase was 371%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kolathur

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

• Mahaveer Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Mahaveer Nagar 1st 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 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 would be 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, making the total fees together Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Mahaveer Nagar 2nd Street?

The Sub Registrar Office covering Mahaveer Nagar 2nd 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 when buying or selling property in Kolathur. It serves as a benchmark for determining the minimum value of the property, which is used for calculating stamp duty and registration fees during the transaction process.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in real estate dealings. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value for Mahaveer Nagar 2nd Street?

The current guideline value for Mahaveer Nagar 2nd 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, with various revisions in between.

What is the land classification for Mahaveer Nagar 2nd Street?

The land classification for Mahaveer Nagar 2nd Street is Residential Class I Type - I.

Where can I find the Sembiam Sub Registrar Office?

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

How is stamp duty calculated for properties in Mahaveer Nagar 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 3,300 per sq.ft would incur a total guideline value of Rs 33,00,000.