Guideline Value for THONDAIKAN MAKKAN 1ST LANE

Thondaikan Makkan 1st Lane guideline value

The current guideline value of Thondaikan Makkan 1st Lane is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the jurisdiction of the Mylapore SRO. The land classification for this area is Residential Class V Type - III.

How the guideline value of Thondaikan Makkan 1st Lane has changed

The guideline value for Thondaikan Makkan 1st Lane has undergone several revisions over the years. Starting with the 2002 revision, the guideline value was set at Rs 530 per sq.ft. It then increased to Rs 589 per sq.ft in 2003, marking an 11% rise. The value saw a significant jump to Rs 900 per sq.ft in 2007, which was a 53% increase from the previous revision. Following this, the 2012 revision raised the guideline value to Rs 3,000 per sq.ft, reflecting a substantial increase of 233% from 2007.

In the most recent revision for 2024, the guideline value has been set at Rs 3,300 per sq.ft, which is a 10% increase from the 2012 value. Overall, from the 2002 revision to the 2024 revision, the guideline value has increased by 523%. It is important to note that the register does not have figures for the years 2017 and 2023 for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets listed under the Mylapore SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Thondaikan Makkan 1st Lane's current guideline value below that median.

• Thondaikan Makkan 2nd Lane: Rs 3,300 per sq.ft (2024)
• Thondaikan Makkan 3rd Lane: Rs 3,300 per sq.ft (2024)
• Thiru.V.K. 1st Lane: Rs 12,100 per sq.ft (2024)
• Thulukkana Thottam: Rs 3,300 per sq.ft (2024)
• Thulukkana Thottam 1st Street: Rs 3,300 per sq.ft (2024)
• Thulukkana Thottam 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Thondaikan Makkan 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Thondaikan Makkan 1st Lane?

The Sub Registrar Office that covers Thondaikan Makkan 1st Lane 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 plays a crucial role 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 government receives appropriate stamp duty and registration fees based on this value.

When a property transaction occurs, the buyer and seller must adhere to the guideline value set for the respective area. If the sale price exceeds the guideline value, the stamp duty will be calculated based on the sale price instead. This ensures that transactions are transparent and reflect the market conditions accurately.

Frequently asked questions

What is the current guideline value of Thondaikan Makkan 1st Lane?

The current guideline value of Thondaikan Makkan 1st Lane is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 530 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, representing an overall increase of 523% over this period.

What is the land classification for Thondaikan Makkan 1st Lane?

The land classification for Thondaikan Makkan 1st Lane is Residential Class V Type - III.

Where can I find the Sub Registrar Office for this area?

The Mylapore Sub Registrar Office covers Thondaikan Makkan 1st Lane, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty at 7% would be Rs 2,31,000.