Guideline Value for Alwarpet 1st Street

Alwarpet 1st Street guideline value

The current guideline value of Alwarpet 1st Street is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village, under the Chennai Central Joint I SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Alwarpet 1st Street has changed

The guideline value for Alwarpet 1st Street has seen several revisions over the years. The register does not provide figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 8,000 per sq.ft, which increased to Rs 8,700 per sq.ft in the 2024 revision, marking a change of +9%.

In summary, the only available figures for this street are from the 2023 and 2024 revisions, with an increase from Rs 8,000 to Rs 8,700 per sq.ft. This indicates a notable adjustment in the guideline value over the past year.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for this area is Rs 8,800 per sq.ft, placing Alwarpet 1st Street's 2024 figure below this median.

• Alwarpet 1st Lane: Rs 8,700 per sq.ft (2024)
• Alwarpet 2nd Cross Street: Rs 8,700 per sq.ft (2024)
• Alwarpet 1st Cross Street: Rs 8,700 per sq.ft (2024)
• Alwarpet 2nd Lane: Rs 8,700 per sq.ft (2024)
• Alwarpet 2nd Street: Rs 8,700 per sq.ft (2024)
• Alwarpet 3rd Lane: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Alwarpet 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value amounts to Rs 87,00,000. The stamp duty at 7% would be Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, bringing the total to Rs 7,83,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Alwarpet 1st Street?

The Sub Registrar Office that covers Alwarpet 1st Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is a crucial factor in property transactions, as it establishes the minimum value of the property for registration purposes. When buying or selling property in Mylapore Part 1, the guideline value is used to calculate stamp duty and registration fees, ensuring that these costs are based on an official valuation.

Additionally, the guideline value helps maintain transparency in property transactions, as it reflects the government's assessment of property values in the area. Buyers and sellers should be aware of the guideline value to ensure they are adequately prepared for the associated costs during the registration process.

Frequently asked questions

What is the current guideline value of Alwarpet 1st Street?

The current guideline value of Alwarpet 1st Street is Rs 8,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed recently?

The guideline value increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, representing a change of +9%.

What is the land classification for Alwarpet 1st Street?

Alwarpet 1st Street falls under the land classification of Residential Class I Type - III.

What are the stamp duty and registration fees for property in Alwarpet 1st Street?

For a 1,000 sq.ft property, the total guideline value is Rs 87,00,000. The stamp duty at 7% is Rs 6,09,000, and the registration fee at 2% is Rs 1,74,000, totaling Rs 7,83,000.

Which office handles registrations for Alwarpet 1st Street?

The Chennai Central Joint I Sub Registrar Office handles registrations for Alwarpet 1st Street, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.