Guideline Value for Alwarpet 3rd Lane

Alwarpet 3rd Lane guideline value

The current guideline value of Alwarpet 3rd Lane 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. The land classification for this area is Residential Class I Type - III.

How the guideline value of Alwarpet 3rd Lane has changed

The guideline value for Alwarpet 3rd Lane has seen a revision from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, marking an increase of 9%. Prior to this, the register has no figure for this street for the years 2017, 2012, 2007, 2003, and 2002.

In summary, the current value reflects the latest revision in 2024, while the previous value from 2023 was Rs 8,000 per sq.ft. The lack of figures for earlier years indicates that there has been no recorded guideline value for this street in those revisions.

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 value is Rs 8,800 per sq.ft, placing Alwarpet 3rd Lane's 2024 figure below that median.

• Alwarpet 2nd Street: Rs 8,700 per sq.ft (2024)
• Alwarpet 3rd Street: Rs 8,700 per sq.ft (2024)
• Alwarpet 2nd Lane: Rs 8,700 per sq.ft (2024)
• Alwarpet 4th Street: Rs 8,700 per sq.ft (2024)
• Alwarpet 2nd Cross Street: Rs 8,700 per sq.ft (2024)
• Alwarpet 5th Street: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Alwarpet 3rd 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, totaling Rs 7,83,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Alwarpet 3rd Lane?

The Alwarpet 3rd Lane is covered by 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 further assistance.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value is a critical factor during property registration in Mylapore Part 2. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the official value set by the registration department.

When buying or selling property, the guideline value helps in determining the minimum price at which a property can be registered. This ensures transparency and fairness in property transactions, as it reflects the government's assessment of property values in the area.

Frequently asked questions

What is the current guideline value of Alwarpet 3rd Lane?

The current guideline value of Alwarpet 3rd Lane is Rs 8,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value changed from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, reflecting a 9% increase. The register has no figure for the years 2017, 2012, 2007, 2003, and 2002.

What is the median guideline value in Mylapore Part 2?

The median guideline value in Mylapore Part 2 is Rs 8,800 per sq.ft. Alwarpet 3rd Lane's 2024 figure is below this median.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in this area is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% applies.

Where can I find the Sub Registrar Office for Alwarpet 3rd Lane?

The Sub Registrar Office covering Alwarpet 3rd Lane is the Chennai Central Joint I SRO, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.