Guideline Value for Alwarpet 3rd Street

Alwarpet 3rd Street guideline value

The current guideline value of Alwarpet 3rd 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 3rd Street has changed

The guideline value for Alwarpet 3rd Street has seen revisions over the years, with no figures available for the years 2002, 2003, 2007, 2012, and 2017. The most recent figures are from the 2023 revision, which set the guideline value at Rs 8,000 per sq.ft, and the 2024 revision, which increased it to Rs 8,700 per sq.ft, reflecting a change of +9%.

Prior to the 2023 revision, there were no recorded figures for the street in the register. The 2024 figure of Rs 8,700 per sq.ft is a notable increase compared to the 2023 figure of Rs 8,000 per sq.ft.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO that carry a 2024 guideline value, 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, making Alwarpet 3rd Street's 2024 figure below that median.

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

Stamp duty and registration fee for property in Alwarpet 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value would be 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 cost for these fees Rs 7,83,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher.

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

Which Sub Registrar Office covers Alwarpet 3rd Street?

The Sub Registrar Office that covers Alwarpet 3rd Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Mylapore Part 2. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government collects appropriate stamp duty and registration fees.

When buying or selling property, the guideline value must be considered as it affects the overall cost of the transaction. The buyer is required to pay stamp duty based on the higher value between the guideline value and the sale price, ensuring that the transaction is conducted transparently and fairly.

Frequently asked questions

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

The current guideline value of Alwarpet 3rd 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 3rd Street has changed from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, marking an increase of +9%. There are no recorded figures for the years 2002, 2003, 2007, 2012, and 2017.

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 Street's 2024 guideline value of Rs 8,700 per sq.ft is below this median.

What are the stamp duty and registration fees for property in Alwarpet 3rd 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. These fees are based on the higher of the guideline value or the sale price.

Which office handles registrations for Alwarpet 3rd Street?

The registration for Alwarpet 3rd Street is handled by the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.