Guideline Value for Austin Nagar 2nd Street

Austin Nagar 2nd Street guideline value

The current guideline value of Austin Nagar 2nd 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, and is classified as Residential Class I Type - II.

How the guideline value of Austin Nagar 2nd Street has changed

The guideline value for Austin Nagar 2nd Street has seen revisions over the years. The register does not provide figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 11,000 per sq.ft, and the most recent 2024 revision increased this to Rs 12,100 per sq.ft, marking a 10% rise.

Prior to the 2023 revision, no figures were available for the aforementioned years. The increase from Rs 11,000 to Rs 12,100 per sq.ft in 2024 reflects the latest adjustments made in the guideline values.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft, where the median is Rs 8,800 per sq.ft. The guideline value for Austin Nagar 2nd Street is above this median.

• Austin Nagar 1st 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 2nd 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 to Rs 10,89,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Austin Nagar 2nd Street?

The Sub Registrar Office that covers Austin Nagar 2nd 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 in the registration process for property transactions in Mylapore Part 1. It serves as the benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in this area.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the transaction is recorded accurately and complies with local regulations.

Frequently asked questions

What is the current guideline value of Austin Nagar 2nd Street?

The current guideline value of Austin Nagar 2nd 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 increased from Rs 11,000 per sq.ft in 2023 to Rs 12,100 per sq.ft in 2024, which is a 10% rise. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification of Austin Nagar 2nd Street?

Austin Nagar 2nd Street is classified as Residential Class I Type - II. This classification impacts the guideline value and property regulations in the area.

What is the stamp duty rate for property in Austin Nagar 2nd Street?

The stamp duty rate for property transactions in Austin Nagar 2nd Street is 7% of the guideline value or the sale price, whichever is higher. This is applicable during the registration process.

Where can I find the Sub Registrar Office for Austin Nagar 2nd Street?

The Sub Registrar Office for Austin Nagar 2nd Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. This office handles all registrations for properties in this area.