Guideline Value for BISHOP GARDEN STREET

Bishop Garden Street guideline value

The current guideline value of Bishop Garden Street is Rs 25,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Special Type - I.

How the guideline value of Bishop Garden Street has changed

The guideline value for Bishop Garden Street has undergone significant changes over the years. In 2002, the value was Rs 3,621 per sq.ft, which increased to Rs 4,022 per sq.ft in 2003, marking an increase of 11%. The value then rose to Rs 4,500 per sq.ft in 2007, a change of 12%. By 2012, the guideline value remained at Rs 23,000 per sq.ft, showing no change from the previous revision. In 2023, the value was again Rs 23,000 per sq.ft, before it saw a notable increase to Rs 25,300 per sq.ft in 2024, reflecting a 10% rise.

It is important to note that there is no figure available for the year 2017 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 599%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry 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 Street's 2024 figure above this median.

• Bishop Garden Extension: 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 25,300 per sq.ft, the total guideline value amounts to Rs 2,53,00,000. The stamp duty, charged at 7%, would be Rs 17,71,000, and the registration fee at 2% would be Rs 5,06,000. Together, the total cost for these fees would be Rs 22,77,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bishop Garden Street?

The Sub Registrar Office that covers Bishop Garden Street 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 details.

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

The guideline value plays a crucial role in the registration process of property transactions in Mylapore. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. This ensures that the fees are calculated based on a standardized assessment of property values in the area.

Additionally, the guideline value is essential for maintaining transparency in property transactions, helping to prevent undervaluation and ensuring that the state receives appropriate revenue from property sales. Buyers and sellers should be aware of the guideline value to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Bishop Garden Street?

The current guideline value of Bishop Garden Street 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 changed significantly from Rs 3,621 per sq.ft in 2002 to Rs 25,300 per sq.ft in 2024, reflecting an overall increase of 599% over this period.

What is the stamp duty rate for property in Bishop Garden Street?

The stamp duty rate for property in Bishop Garden Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Bishop Garden Street located?

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

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the stamp duty and registration fees that must be paid during the registration process. It ensures transparency and fairness in property valuations.