Guideline Value for NATESAN COLONY

Natesan Colony guideline value

The current guideline value of Natesan Colony, located in Mylapore village under the Mylapore SRO, is Rs 8,800 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - III.

How the guideline value of Natesan Colony has changed

The guideline value for Natesan Colony has seen significant changes over the years. In 2002, the value was Rs 1,740 per sq.ft, which increased to Rs 1,933 per sq.ft in 2003, marking an increase of 11%. The value then rose to Rs 1,950 per sq.ft in 2007, a modest increase of 1%. A substantial jump occurred in 2012, where the guideline value reached Rs 8,000 per sq.ft, reflecting a 310% increase from the previous figure. However, there was no change in the value from 2012 to 2023, maintaining at Rs 8,000 per sq.ft.

The most recent revision in 2024 has set the guideline value at Rs 8,800 per sq.ft, representing a 10% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 406%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value is Rs 8,800 per sq.ft, which is equal to the guideline value of Natesan Colony.

• Nattan Thottam: Rs 3,300 per sq.ft (2024)
• Nattu Muthu Kumarappa Mudali Street: Rs 8,800 per sq.ft (2024)
• Nattu Subbaraya Mudali 1st Lane: Rs 8,800 per sq.ft (2024)
• Nattu Subbaraya Mudali Street: Rs 8,800 per sq.ft (2024)
• Nattu Subbraya Mudali 2nd Lane: Rs 8,800 per sq.ft (2024)
• Nattu Veerachi Mudali Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Natesan Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total cost for these charges to Rs 7,92,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Natesan Colony?

Natesan Colony falls under the jurisdiction of the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a buyer and seller agree on a sale price, the higher of the guideline value and the sale price is used to calculate the applicable stamp duty and registration fees. This ensures that the state receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Natesan Colony?

The current guideline value of Natesan Colony is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,740 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, showing a significant increase over the years.

What are the stamp duty rates for property in Natesan Colony?

The stamp duty rate for property transactions in Natesan Colony is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Natesan Colony?

The Mylapore Sub Registrar Office covers Natesan Colony, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Natesan Colony?

Natesan Colony is classified as Residential Class III Type - III, which indicates its designated use for residential purposes.