Guideline Value for Mayana Salai

Mayana Salai guideline value

The current guideline value of Mayana Salai, located in Kovilambakkam village, is Rs 2,160 per sq.ft, effective from 1 July 2024. This area falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Mayana Salai has changed

The guideline value for Mayana Salai has undergone several revisions over the years. Starting with Rs 73 per sq.ft in 2002, it increased to Rs 91 per sq.ft in 2003. The value saw a significant rise to Rs 350 per sq.ft in 2007, followed by a substantial jump to Rs 2,000 per sq.ft in 2012. However, it then decreased to Rs 1,340 per sq.ft in 2017. The value rose again to Rs 2,000 per sq.ft in 2023 before reaching the current figure of Rs 2,160 per sq.ft in 2024.

In terms of percentage changes, the guideline value increased by 25% from 2002 to 2003, followed by a 285% rise from 2003 to 2007. The value then increased by 471% from 2007 to 2012, but decreased by 33% from 2012 to 2017. From 2017 to 2023, it rose by 49%, and from 2023 to 2024, it increased by 8%. Overall, the guideline value has seen a remarkable increase of 2,859% from 2002 to 2024.

Guideline values in Kovilambakkam

Kovilambakkam village has 61 streets under the Pallavaram SRO, with guideline values for 2024 ranging from Rs 1,320 to Rs 5,610 per sq.ft. The median guideline value for the village is Rs 2,750 per sq.ft, making the guideline value of Mayana Salai below this median.

• Mangali Amman Koil 16 & 18 Streets: Rs 2,160 per sq.ft (2024)
• Mmrd Road: Rs 4,400 per sq.ft (2024)
• Mandiyamman Koil Street: Rs 2,750 per sq.ft (2024)
• Mohi Aurora: Rs 5,610 per sq.ft (2024)
• Mulai Nagar: Rs 2,160 per sq.ft (2024)
• Muthiah Nagar: Rs 4,070 per sq.ft (2024)

Stamp duty and registration fee for property in Mayana Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, and the registration fee at 2% would be Rs 43,200. Together, the total cost for these fees would be Rs 1,94,400. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mayana Salai?

The Sub Registrar Office that covers Mayana Salai is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during property registration in Kovilambakkam. It serves as a benchmark for determining the value of a property, influencing the stamp duty and registration fees applicable to the transaction.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value in accordance with government regulations. This helps in maintaining transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Mayana Salai?

The current guideline value of Mayana Salai is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, starting from Rs 73 per sq.ft in 2002 to Rs 2,160 per sq.ft in 2024, reflecting an overall increase of 2,859%.

What is the classification of land in Mayana Salai?

Mayana Salai is classified as Residential Class II Type - I, which indicates its designated use for residential purposes.

Where is the Sub Registrar Office for Mayana Salai located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated for properties in Mayana Salai?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, for a plot of 1,000 sq.ft at the current guideline value, the stamp duty would be Rs 1,51,200.