Guideline Value for Mahaveer Nagar 3rd Street

Mahaveer Nagar 3rd Street guideline value

The current guideline value of Mahaveer Nagar 3rd 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 is Residential Class I Type - I.

How the guideline value of Mahaveer Nagar 3rd Street has changed

The guideline value for Mahaveer Nagar 3rd Street has undergone several revisions over the years. The 2007 revision set the value at Rs 700 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, there was a decrease to Rs 2,010 per sq.ft in the 2017 revision. The value then rose to Rs 3,000 per sq.ft in 2023, and the latest revision in 2024 has brought it to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 371%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Kolathur

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

• Mahaveer Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Mahaveer Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Mahaveer Nagar 1st 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 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 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, bringing the total fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahaveer Nagar 3rd Street?

The Sub Registrar Office that covers Mahaveer Nagar 3rd 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 plays a crucial role during the registration of property transactions in Kolathur. It is used to determine the stamp duty and registration fees that must be paid when buying or selling a property. The guideline value is set by the government and is intended to reflect the market conditions for real estate in the area.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahaveer Nagar 3rd Street?

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

What is the land classification for Mahaveer Nagar 3rd Street?

The land classification for Mahaveer Nagar 3rd Street is 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 Mahaveer Nagar 3rd Street?

The 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 Rs 2,31,000 at 7%.