Guideline Value for BISHOP GARDEN EXTENSION

Bishop Garden Extension guideline value

The current guideline value for Bishop Garden Extension is Rs 25,300 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village and falls under the Mylapore SRO. The land classification for this street is Residential Special Type - I.

How the guideline value of Bishop Garden Extension has changed

Over the years, the guideline value of Bishop Garden Extension has seen significant changes. Starting from Rs 580 per sq.ft in 2002, it rose to Rs 2,362 per sq.ft in 2003, marking an increase of 307%. The value continued to rise to Rs 3,430 per sq.ft in 2007, which was a 45% increase. By 2012, the value remained at Rs 23,000 per sq.ft, showing no change from the previous revision. The next revision in 2023 also maintained the same value of Rs 23,000 per sq.ft.

However, in 2024, the guideline value saw a significant jump to Rs 25,300 per sq.ft, reflecting a 10% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 4262%, showcasing a substantial rise over the years.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Bishop Garden Extension's 2024 figure above this median.

• Bishop Garden Street: Rs 25,300 per sq.ft (2024)
• Bishop Wallers Avenue East: Rs 16,500 per sq.ft (2024)
• Bishop Wallers Avenue South: Rs 16,500 per sq.ft (2024)
• Bishop Wallers Avenue West: Rs 16,500 per sq.ft (2024)
• Boat Club Road: Rs 25,300 per sq.ft (2024)
• Boat Club Road 1st Avenue: Rs 25,300 per sq.ft (2024)

Stamp duty and registration fee for property in Bishop Garden Extension

For a 1,000 sq.ft plot at the current rate of Rs 25,300 per sq.ft, the guideline value amounts to Rs 2,53,00,000. The stamp duty at 7% would be Rs 17,71,000, and the registration fee at 2% would be Rs 5,06,000, totaling Rs 22,77,000. It's important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bishop Garden Extension?

The Sub Registrar Office that covers Bishop Garden Extension is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore

The guideline value plays a crucial role in property transactions in Mylapore. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value for Bishop Garden Extension?

The current guideline value for Bishop Garden Extension is Rs 25,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 580 per sq.ft in 2002 to Rs 25,300 per sq.ft in 2024, reflecting a total increase of 4262% over this period.

What is the land classification for Bishop Garden Extension?

Bishop Garden Extension is classified as Residential Special Type - I, indicating its intended use for residential purposes.

Where can I find the Mylapore Sub Registrar Office?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is stamp duty calculated for properties in Bishop Garden Extension?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 2,53,00,000 would incur a stamp duty of Rs 17,71,000 at 7%.