Guideline Value for Mayana Salai

Mayana Salai guideline value

The current guideline value of Mayana Salai is Rs 440 per sq.ft, effective from 1 July 2024. This street is located in Vengambakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - III.

How the guideline value of Mayana Salai has changed

The guideline value for Mayana Salai has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 400 per sq.ft. In 2017, the value decreased to Rs 268 per sq.ft, a change of -33%. The guideline value then increased significantly to Rs 400 per sq.ft in 2023, marking a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 440 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for Mayana Salai in the revisions from 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Vengambakkam

In Vengambakkam, there are 88 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 5,000 per sq.ft. The median value for these streets is Rs 770 per sq.ft, placing Mayana Salai's 2024 figure below this median.

• Metro Vengambakkam House Site Scheme: Rs 4,460 per sq.ft (2024)
• M.G.R. Street: Rs 440 per sq.ft (2024)
• Mahatma Gandhi Street ( Continued ): Rs 440 per sq.ft (2024)
• Mahatma Gandhi Street: Rs 440 per sq.ft (2024)
• Mahatma Gandhi Cross Street: Rs 440 per sq.ft (2024)
• Murugan Nagar Phase I: Rs 3,300 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 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, bringing the total fees together to Rs 39,600. 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 Mayana Salai?

The Sub Registrar Office that covers Mayana Salai is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a critical factor in the registration process when buying or selling property in Vengambakkam. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, as it is used to calculate the fees based on the higher of the guideline value or the sale price. This helps maintain transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Mayana Salai?

The current guideline value of Mayana Salai is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2012 to Rs 268 per sq.ft in 2017, then to Rs 400 per sq.ft in 2023, and finally to Rs 440 per sq.ft in 2024.

What is the classification of land in Mayana Salai?

Mayana Salai is classified as Residential Class I Type - III.

What are the stamp duty and registration fees for a property in Mayana Salai?

For a property valued at Rs 4,40,000, the stamp duty would be Rs 30,800 and the registration fee would be Rs 8,800, totaling Rs 39,600.

Where is the Sub Registrar Office for Mayana Salai located?

The Sub Registrar Office for Mayana Salai is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.