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 2 village and falls under the Chennai Central Joint I SRO. The land classification for this area is 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 the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 11,000 per sq.ft, which increased by 10% to Rs 12,100 per sq.ft in the 2024 revision.

This increase from 2023 to 2024 reflects a notable change in the guideline value. The current rate of Rs 12,100 per sq.ft is the highest recorded for this street in the available revisions.

Guideline values in Mylapore Part 2

Mylapore Part 2 consists of 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 value for these streets is Rs 8,800 per sq.ft, indicating that Austin Nagar 1st Street's 2024 figure is above this median.

• 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 be Rs 8,47,000, and the registration fee at 2% would be Rs 2,42,000, bringing the total charges to Rs 10,89,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more information.

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. To find your SRO, you can visit this link.

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 receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees based on the higher of the guideline value or the sale price. This ensures transparency and compliance with legal requirements during property transactions.

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 has the guideline value changed over the years?

The guideline value for Austin Nagar 1st Street has seen revisions in 2023 and 2024, with no figures available for the years 2002, 2003, 2007, 2012, and 2017. The value increased from Rs 11,000 per sq.ft in 2023 to Rs 12,100 per sq.ft in 2024.

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

Austin Nagar 1st Street is classified as Residential Class I Type - II, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 1,21,00,000, the stamp duty would be Rs 8,47,000 and the registration fee would be Rs 2,42,000, totaling Rs 10,89,000. The duty is charged on the higher of the guideline value or the sale price.

Which office handles property registrations for Austin Nagar 1st Street?

The Chennai Central Joint I Sub Registrar Office handles property registrations for Austin Nagar 1st Street, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.