Guideline Value for TEACHERS COLONY

Teachers Colony guideline value

The current guideline value of Teachers Colony, located in Mylapore village under the Mylapore SRO, is Rs 7,100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class IV Type - III.

How the guideline value of Teachers Colony has changed

The guideline value of Teachers Colony has seen significant changes over the years. Starting from Rs 940 per sq.ft in 2002, it rose to Rs 1,044 per sq.ft in 2003, marking an increase of 11%. By 2007, the value surged to Rs 1,540 per sq.ft, reflecting a 48% increase. The 2012 revision brought a remarkable jump to Rs 6,500 per sq.ft, which is a 322% increase from the previous value. The most recent revision in 2024 set the guideline value at Rs 7,100 per sq.ft, a 9% increase from 2012.

There are no figures available for the revisions in 2017 and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 655%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with 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, placing Teachers Colony's 2024 figure below this median.

• Thachi Arunachalam Street: Rs 7,100 per sq.ft (2024)
• Thalayari Street / Sanjeevi Street: Rs 7,100 per sq.ft (2024)
• Syed Wahap Hussain Street: Rs 3,300 per sq.ft (2024)
• Syed Najmullah Street: Rs 4,900 per sq.ft (2024)
• Syed Ahmed Hussain Street: Rs 3,300 per sq.ft (2024)
• Swathinthra Thottam: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Teachers Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, making the total cost Rs 6,39,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Teachers Colony?

The Sub Registrar Office covering Teachers Colony is 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 crucial factor in property transactions in Mylapore. It serves as the basis for calculating stamp duty and registration fees during the buying or selling process. The higher of the guideline value or the actual sale price is considered for these calculations.

When registering a property, it is essential to be aware of the guideline value, as it directly impacts the costs involved. Buyers and sellers should ensure 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 Teachers Colony?

The current guideline value of Teachers Colony is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 940 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting a total increase of 655% over the years.

What is the land classification of Teachers Colony?

Teachers Colony is classified as Residential Class IV Type - III, indicating its designation for residential use.

Where is the Mylapore Sub Registrar Office located?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, crescent Street, Alwarpet, Chennai - 600018.

How is stamp duty calculated for properties in Teachers Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, on a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 at a rate of 7%.