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 2 village under the Chennai Central Joint I SRO, classified as Residential Class I Type - III.

How the guideline value of Alwarpet 1st Street has changed

The guideline value for Alwarpet 1st Street has undergone 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%.

From the 2023 to the 2024 revision, the guideline value increased significantly. The current value of Rs 8,700 per sq.ft reflects the latest assessment, indicating a notable adjustment from the previous year.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO that have a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. Alwarpet 1st Street's guideline value is 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 cost to Rs 7,83,000. Please note that the 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 2

The guideline value plays a crucial role in property transactions in Mylapore Part 2. It serves as a benchmark for determining the value of properties during registration. When a property is sold, the guideline value is used to assess the applicable stamp duty and registration fees.

During the registration process, the guideline value is compared with the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

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 much has the guideline value changed recently?

From the 2023 revision, where the value was Rs 8,000 per sq.ft, the guideline value increased by 9% to Rs 8,700 per sq.ft in the 2024 revision.

What is the land classification of Alwarpet 1st Street?

Alwarpet 1st Street is classified as Residential Class I Type - III under the Chennai Central Joint I SRO.

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

For a property valued at Rs 87,00,000, the stamp duty would be Rs 6,09,000 and the registration fee would be 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.