Guideline Value for Melamaiyur New Colony

Melamaiyur New Colony guideline value

The current guideline value of Melamaiyur New Colony is Rs 1,322 per sq.ft, effective from 1 July 2024. This area is located in Melamaiyur village under the Chengleput Joint I SRO, classified as Mixed Special Type - II.

How the guideline value of Melamaiyur New Colony has changed

The guideline value for Melamaiyur New Colony has seen several revisions over the years. In 2007, the value was set at Rs 260 per sq.ft, which significantly increased to Rs 1,500 per sq.ft in 2012. However, this value decreased to Rs 1,005 per sq.ft in 2017. The subsequent revisions show an increase to Rs 1,200 per sq.ft in 2023, followed by a further increase to the current value of Rs 1,322 per sq.ft in 2024. There are no figures available for the years 2002 and 2003 for this street.

From 2017 to 2023, there was a 19% increase, and from 2023 to 2024, the value rose by 10%. Notably, the increase from 2007 to 2012 was a remarkable 477%, but it then saw a decrease of 33% from 2012 to 2017. Overall, the guideline value has increased by 408% from 2007 to 2024.

Guideline values in Melamaiyur

In Melamaiyur, there are 37 streets under the Chengleput Joint I SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 3,000 per sq.ft, with a median value of Rs 1,212 per sq.ft. The guideline value of Melamaiyur New Colony is above this median.

• Melamaiyur Colony: Rs 440 per sq.ft (2024)
• Manogari Avenue: Rs 1,650 per sq.ft (2024)
• Manickam Nagar: Rs 825 per sq.ft (2024)
• Nandhagopal Nagar: Rs 1,322 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,212 per sq.ft (2024)
• Lake Avenue: Rs 1,322 per sq.ft (2024)

Stamp duty and registration fee for property in Melamaiyur New Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,322 per sq.ft, the total guideline value amounts to Rs 13,22,000. The stamp duty at 7% would be Rs 92,540, and the registration fee at 2% would be Rs 26,440, totaling Rs 1,18,980. It is important to note that the 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 Melamaiyur New Colony?

The Chengleput Joint I Sub Registrar Office covers Melamaiyur New Colony, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Melamaiyur New Colony. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized valuation rather than fluctuating market prices.

When buying or selling property, it is essential to be aware of the guideline value, as it directly influences the financial obligations associated with the transaction. Buyers should ensure that they are informed about the current guideline value to avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value of Melamaiyur New Colony?

The current guideline value of Melamaiyur New Colony is Rs 1,322 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 260 per sq.ft in 2007, peaking at Rs 1,500 per sq.ft in 2012, and currently standing at Rs 1,322 per sq.ft in 2024.

What is the land classification of Melamaiyur New Colony?

Melamaiyur New Colony is classified as Mixed Special Type - II under the land classification system.

What are the stamp duty and registration fees for property in Melamaiyur New Colony?

For a property valued at Rs 13,22,000, the stamp duty would be Rs 92,540, and the registration fee would be Rs 26,440, totaling Rs 1,18,980.

Which office handles registrations for Melamaiyur New Colony?

The Chengleput Joint I Sub Registrar Office is responsible for handling registrations in Melamaiyur New Colony, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.