Guideline Value for Mayavan Nagar

Mayavan Nagar guideline value

The current guideline value of Mayavan Nagar is Rs 770 per sq.ft, effective from 1 July 2024. This area is located in Mepur village under the Kunrathur Sub Registrar Office (SRO) and is classified as Residential Class I Type - I.

How the guideline value of Mayavan Nagar has changed

The guideline value for Mayavan Nagar has seen several revisions over the years. The earliest recorded figure is from 2007, which was Rs 150 per sq.ft. This increased significantly to Rs 700 per sq.ft in 2012, marking a substantial rise of 367%. However, by 2017, the value decreased to Rs 469 per sq.ft, a drop of 33%. The value then rose to Rs 700 per sq.ft in 2023, followed by a further increase to Rs 770 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the increase in guideline value is 413%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Mepur

In Mepur village, there are 22 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 2,955 per sq.ft. The median value for these streets is Rs 770 per sq.ft, which is equal to the current guideline value of Mayavan Nagar.

• M R Manickam Nagar: Rs 660 per sq.ft (2024)
• Madheena Garden: Rs 820 per sq.ft (2024)
• Navasakthi Nagar: Rs 770 per sq.ft (2024)
• Navasakthi Nagar Phase I Extension: Rs 770 per sq.ft (2024)
• Kasthuri Sriram Nagar: Rs 820 per sq.ft (2024)
• Golden City: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Mayavan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value is Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, making the total cost for these fees Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mayavan Nagar?

The Sub Registrar Office that covers Mayavan Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Mepur, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring compliance with local regulations.

During the registration process, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is officially recorded and that the necessary taxes are paid to the government.

Frequently asked questions

What is the current guideline value of Mayavan Nagar?

The current guideline value of Mayavan Nagar is Rs 770 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, with the most recent revision showing an increase of 10% from Rs 700 per sq.ft in 2023 to Rs 770 per sq.ft in 2024. Overall, from 2007 to 2024, the increase is 413%.

What are the registration fees for properties in Mayavan Nagar?

The registration fees are calculated based on the guideline value. For a property valued at Rs 7,70,000, the stamp duty would be Rs 53,900 and the registration fee would be Rs 15,400, totaling Rs 69,300.

Which office handles property registrations in Mayavan Nagar?

The Kunrathur Sub Registrar Office handles property registrations for Mayavan Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.

What is the significance of the guideline value in property transactions?

The guideline value is essential as it determines the minimum price at which a property can be registered and is used to calculate the stamp duty and registration fees during property transactions.