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 2 village under the Chennai Central Joint I SRO, 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 undergone several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. For the 2023 revision, 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 from 2023 to 2024 reflects a notable increase in the guideline value. The current rate of Rs 8,700 per sq.ft is now applicable from 1 July 2024, marking a significant adjustment in the valuation of properties in this area.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 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 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, totaling 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 2

The guideline value is a crucial factor during the registration of property transactions in Mylapore Part 2. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential components of the transaction process. This ensures transparency and compliance with local regulations.

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 recently?

In the 2023 revision, the guideline value was Rs 8,000 per sq.ft, which increased by 9% to Rs 8,700 per sq.ft in the 2024 revision.

What is the land classification for Alwarpet 5th Street?

Alwarpet 5th Street is classified as Residential Class I Type - III.

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.

How is the stamp duty calculated for properties in Alwarpet 5th Street?

The stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 87,00,000, the stamp duty at 7% would be Rs 6,09,000.