Guideline Value for Mahavir Colony

Mahavir Colony guideline value

The current guideline value of Mahavir Colony, located in Vepery village under the Periamet SRO, is Rs 13,000 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Mahavir Colony has changed

Over the years, the guideline value of Mahavir Colony has seen significant changes. The 2007 revision set the value at Rs 2,500 per sq.ft, which increased dramatically by 380% to Rs 12,000 per sq.ft in 2012. However, the value decreased by 33% to Rs 8,040 per sq.ft in the 2017 revision. Following this, there was a substantial increase of 49%, bringing the value to Rs 12,000 per sq.ft in 2023. The most recent revision in 2024 has further raised the guideline value to Rs 13,000 per sq.ft, marking an 8% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 420%.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median value of Rs 4,800 per sq.ft. Mahavir Colony's 2024 figure of Rs 13,000 per sq.ft is above this median.

• Mahdum Sherif Street: Rs 4,800 per sq.ft (2024)
• Maddox Street: Rs 4,900 per sq.ft (2024)
• Lal Singh Street: Rs 4,000 per sq.ft (2024)
• Mattukara Veerapadran Street: Rs 6,000 per sq.ft (2024)
• Lala Street: Rs 6,000 per sq.ft (2024)
• Lala Singh Street: Rs 4,000 per sq.ft (2024)

Stamp duty and registration fee for property in Mahavir Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 13,000 per sq.ft, the total guideline value amounts to Rs 1,30,00,000. The stamp duty at 7% would be Rs 9,10,000, and the registration fee at 2% would be Rs 2,60,000, bringing the total fees to Rs 11,70,000. It is important to note that the 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 Mahavir Colony?

The Sub Registrar Office that covers Mahavir Colony is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

The guideline value is a critical factor when buying or selling property in Vepery. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, which are essential costs in any property transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers must be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Mahavir Colony?

The current guideline value of Mahavir Colony is Rs 13,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 2,500 per sq.ft in 2007, reaching Rs 12,000 in 2012, dropping to Rs 8,040 in 2017, then increasing to Rs 12,000 in 2023, and finally to Rs 13,000 in 2024.

What is the land classification of Mahavir Colony?

Mahavir Colony is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Mahavir Colony?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a plot of 1,000 sq.ft, the total fees amount to Rs 11,70,000.

Where is the Sub Registrar Office for Mahavir Colony located?

The Sub Registrar Office covering Mahavir Colony is located at 1103, Poonamallee High Road, Chennai-600 003.