Guideline Value for Austin Nagar 1st Street

Austin Nagar 1st Street guideline value

The current guideline value of Austin Nagar 1st Street is Rs 12,100 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village under the Chennai Central Joint I SRO, classified as Residential Class I Type - II.

How the guideline value of Austin Nagar 1st Street has changed

The guideline value for Austin Nagar 1st Street has undergone several revisions over the years. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 11,000 per sq.ft, which increased by 10% to Rs 12,100 per sq.ft in the 2024 revision.

This increase reflects a significant adjustment in the guideline value over the past year. The current value is now positioned higher than the median guideline value of Rs 8,800 per sq.ft for the 333 streets in Mylapore Part 1 under the Chennai Central Joint I SRO.

Guideline values in Mylapore Part 1

In Mylapore Part 1, the guideline values range from Rs 4,400 to Rs 25,300 per sq.ft, with a median of Rs 8,800 per sq.ft. Austin Nagar 1st Street's 2024 figure of Rs 12,100 per sq.ft is above this median. The following are the guideline values for other streets in Mylapore Part 1:

• Austin Nagar 2nd Street: Rs 12,100 per sq.ft (2024)
• Avvai Shanmugam Salai (Lloyds Road): Rs 13,200 per sq.ft (2024)
• Ayya Street: Rs 7,700 per sq.ft (2024)
• Babu Lane: Rs 7,700 per sq.ft (2024)
• Babu Street: Rs 7,700 per sq.ft (2024)
• Arundadhi Nagar: Rs 6,100 per sq.ft (2024)

Stamp duty and registration fee for property in Austin Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 12,100 per sq.ft, the total guideline value would be Rs 1,21,00,000. The stamp duty at 7% would amount to Rs 8,47,000, and the registration fee at 2% would be Rs 2,42,000, totaling Rs 10,89,000. 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 Austin Nagar 1st Street?

The Sub Registrar Office that covers Austin Nagar 1st 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 1

The guideline value is a critical factor during the registration of property transactions in Mylapore Part 1. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property in the area.

When you register a property, the guideline value will be referenced to ascertain the applicable charges, ensuring that both buyers and sellers are aware of their financial obligations during the transaction process.

Frequently asked questions

What is the current guideline value of Austin Nagar 1st Street?

The current guideline value of Austin Nagar 1st Street is Rs 12,100 per sq.ft, effective from 1 July 2024.

How much did the guideline value change from 2023 to 2024?

The guideline value increased from Rs 11,000 per sq.ft in 2023 to Rs 12,100 per sq.ft in 2024, reflecting a 10% increase.

What is the land classification of Austin Nagar 1st Street?

Austin Nagar 1st Street is classified as Residential Class I Type - II under the Chennai Central Joint I SRO.

Where can I find the Sub Registrar Office for Austin Nagar 1st Street?

The Sub Registrar Office for Austin Nagar 1st Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is the stamp duty calculated for properties in Mylapore Part 1?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. It is typically charged at 7% of the guideline value, along with a registration fee of 2%.