Guideline Value for Mayflower Phase-1

Mayflower Phase-1 guideline value

The current guideline value of Mayflower Phase-1 is Rs 6,500 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Special Type - III.

How the guideline value of Mayflower Phase-1 has changed

The guideline value for Mayflower Phase-1 has seen a consistent figure of Rs 6,500 per sq.ft for both the 2023 and 2024 revisions. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

Between the 2023 and 2024 revisions, there was no change in the guideline value, remaining at Rs 6,500 per sq.ft. This consistency reflects stability in the valuation for this area over the recent years.

Guideline values in Madhavaram

In Madhavaram, there are 1946 streets under the Madhavaram SRO, with a 2024 guideline value range from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, indicating that Mayflower Phase-1's guideline value is above this median.

• Mavus Illam (Ward-30): Rs 1,300 per sq.ft (2024)
• M.B. Samy Nagar: Rs 1,300 per sq.ft (2024)
• M.B.T.T. Complex: Rs 3,300 per sq.ft (2024)
• M.C.Devaraj Nagar 1st st ( Ward No.11): Rs 1,300 per sq.ft (2024)
• M.C.Devaraj Nagar 2nd st ( Ward No.11): Rs 1,300 per sq.ft (2024)
• M.C.G. Avenue: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Mayflower Phase-1

For a 1,000 sq.ft plot at the current guideline value of Rs 6,500 per sq.ft, the total guideline value amounts to Rs 65,00,000. The stamp duty at 7% would be Rs 4,55,000, and the registration fee at 2% would be Rs 1,30,000, leading to a total of Rs 5,85,000. Duty is charged on the guideline value or the sale price, whichever is higher.

You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Mayflower Phase-1?

The Sub Registrar Office that covers Mayflower Phase-1 is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Madhavaram. It is used to determine the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the higher value between the guideline value and the sale price is considered for calculating the applicable duties. This ensures that the registration reflects the true value of the transaction.

Frequently asked questions

What is the current guideline value of Mayflower Phase-1?

The current guideline value of Mayflower Phase-1 is Rs 6,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Mayflower Phase-1 has remained at Rs 6,500 per sq.ft for both the 2023 and 2024 revisions. There are no figures available for the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the land classification of Mayflower Phase-1?

Mayflower Phase-1 is classified as Residential Special Type - III under the Madhavaram SRO.

What are the stamp duty and registration fees for properties in Mayflower Phase-1?

For a property valued at Rs 65,00,000, the stamp duty would be Rs 4,55,000 and the registration fee would be Rs 1,30,000, totaling Rs 5,85,000. These fees are calculated based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Mayflower Phase-1?

The Sub Registrar Office covering Mayflower Phase-1 is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information about your SRO through the provided link.