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. 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 2nd Street has changed

The guideline value for Austin Nagar 2nd Street has undergone several revisions over the years. The register shows no figures 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 change reflects a notable increase in the guideline value from the previous year. The current figure of Rs 12,100 per sq.ft is now established as the effective rate from 1 July 2024.

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 this area is Rs 8,800 per sq.ft, placing Austin Nagar 2nd Street's 2024 value 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 amounts to 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 cost together to Rs 10,89,000. 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 Austin Nagar 2nd Street?

Austin Nagar 2nd Street is covered by 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 2

The guideline value is a critical factor during property registration in Mylapore Part 2. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property transaction occurs, the guideline value is assessed to ensure that the correct taxes and fees are applied based on the property's value. This helps maintain transparency and fairness in property transactions within the region.

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 much has the guideline value changed recently?

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

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

Austin Nagar 2nd Street is classified as Residential Class I Type - II.

Where can I find the registration office for Austin Nagar 2nd Street?

The registration office for Austin Nagar 2nd 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 this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 1,21,00,000 would incur a stamp duty of Rs 8,47,000 at the rate of 7%.