Guideline Value for Alwarpet 5th Street

Alwarpet 5th Street guideline value

The current guideline value of Alwarpet 5th Street 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 is classified as Residential Class I Type - III.

How the guideline value of Alwarpet 5th Street has changed

The guideline value for Alwarpet 5th Street has seen revisions over the years. The register has no figure for this street in 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 8,000 per sq.ft, which increased by 9% to Rs 8,700 per sq.ft in the 2024 revision.

This increase reflects the adjustments made to the guideline values in the area, with the current figure being established as of 1 July 2024. The previous revision in 2023 marked a significant change from the earlier years, indicating a shift in the valuation of properties in this locality.

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 5th Street's 2024 figure slightly below this median.

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

Stamp duty and registration fee for property in Alwarpet 5th 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 for these fees 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Alwarpet 5th Street?

The Sub Registrar Office that covers Alwarpet 5th Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. For more information, you can 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 property transactions in Mylapore Part 1, as it serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers often use this value to negotiate sale prices, ensuring that the transaction aligns with the prevailing market standards set by the registration department.

When registering a property, the guideline value is essential for calculating the stamp duty and registration fees, which are mandatory for all property transactions. This ensures that both parties are aware of the financial implications involved in the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Alwarpet 5th Street?

The current guideline value of Alwarpet 5th 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 5th Street has increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, marking a 9% increase. The register has no figure for this street in the years 2002, 2003, 2007, 2012, and 2017.

What are the guideline values for other streets in Mylapore Part 1?

Other streets in Mylapore Part 1 have guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft, with a median of Rs 8,800 per sq.ft. Alwarpet 5th Street's value is slightly below this median.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher. The registration fee is calculated at 2% of the same value, which can significantly impact the total cost of property transactions.

Where can I find the Sub Registrar Office for Alwarpet 5th Street?

The Sub Registrar Office for Alwarpet 5th Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find more information online.