Guideline Value for Alwarpet 2nd Lane

Alwarpet 2nd Lane guideline value

The current guideline value for Alwarpet 2nd Lane 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, and it falls under the Residential Class I Type - III land classification.

How the guideline value of Alwarpet 2nd Lane has changed

The guideline value for Alwarpet 2nd Lane has seen revisions over the years. The register does not provide figures for the years 2002, 2003, 2007, 2012, and 2017. In 2023, the guideline value was Rs 8,000 per sq.ft, and it increased by 9% to Rs 8,700 per sq.ft in the 2024 revision.

This change reflects a notable increase from the previous year, highlighting the adjustments made to the guideline values in the area. The current figure of Rs 8,700 per sq.ft is now established as the latest guideline value for this street.

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 these streets is Rs 8,800 per sq.ft, placing Alwarpet 2nd Lane's 2024 figure below that median.

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

Stamp duty and registration fee for property in Alwarpet 2nd Lane

For a 1,000 sq.ft plot at the current rate of Rs 8,700 per sq.ft, the 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 the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Alwarpet 2nd Lane?

The Sub Registrar Office that covers Alwarpet 2nd Lane 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 by visiting find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Mylapore Part 1. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transfer of property ownership. Buyers should be aware of these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value for Alwarpet 2nd Lane?

The current guideline value for Alwarpet 2nd Lane is Rs 8,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2023 to 2024?

The guideline value increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, reflecting a 9% increase.

What is the median guideline value for streets in Mylapore Part 1?

The median guideline value for streets in Mylapore Part 1 is Rs 8,800 per sq.ft, with Alwarpet 2nd Lane's value being below this median.

What are the registration fees for property in Alwarpet 2nd Lane?

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 2nd Lane?

The Chennai Central Joint I Sub Registrar Office handles registrations for Alwarpet 2nd Lane, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.