Guideline Value for Alwarpet 2nd Street

Alwarpet 2nd Street guideline value

The current guideline value of Alwarpet 2nd Street is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village and falls 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 2nd Street has changed

The guideline value for Alwarpet 2nd Street has seen several revisions over the years. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017. The most recent revisions show that the guideline value was Rs 8,000 per sq.ft in 2023, which increased by 9% to Rs 8,700 per sq.ft in 2024.

This increase from 2023 to 2024 reflects a notable change in the valuation of the property. The current value of Rs 8,700 per sq.ft is now established as the guideline value for this street.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO with a 2024 guideline value 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 Street's 2024 figure below this median.

• Alwarpet 2nd Lane: Rs 8,700 per sq.ft (2024)
• Alwarpet 3rd Lane: Rs 8,700 per sq.ft (2024)
• Alwarpet 2nd Cross Street: Rs 8,700 per sq.ft (2024)
• Alwarpet 3rd Street: Rs 8,700 per sq.ft (2024)
• Alwarpet 1st Street: Rs 8,700 per sq.ft (2024)
• Alwarpet 4th Street: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Alwarpet 2nd 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, making the total charges 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Alwarpet 2nd Street?

The Sub Registrar Office that covers Alwarpet 2nd 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 is a critical factor in the registration process when buying or selling property in Mylapore Part 2. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government collects the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Alwarpet 2nd Street?

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

How has the guideline value changed over the years?

The guideline value for Alwarpet 2nd Street was Rs 8,000 per sq.ft in 2023 and increased by 9% to Rs 8,700 per sq.ft in 2024. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Mylapore Part 2?

The median guideline value for streets in Mylapore Part 2 is Rs 8,800 per sq.ft. Alwarpet 2nd Street's 2024 figure is below this median.

What are the stamp duty and registration fees for properties in Alwarpet 2nd Street?

For a 1,000 sq.ft plot, 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 the registration for Alwarpet 2nd Street?

The registration for Alwarpet 2nd Street is handled by the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.