Guideline Value for CHITRAKULAM EAST STREET

Chitrakulam East Street guideline value

The current guideline value of Chitrakulam East Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class III Type - III.

How the guideline value of Chitrakulam East Street has changed

The guideline value for Chitrakulam East Street has seen significant changes over the years. The earliest recorded revision is from 2002, with a value of Rs 933 per sq.ft. This increased to Rs 1,037 per sq.ft in 2003, marking an increase of 11%. In 2007, the value jumped to Rs 2,365 per sq.ft, reflecting a substantial increase of 128%. The 2012 revision maintained the value at Rs 8,000 per sq.ft, and this remained unchanged until the 2023 revision, which also recorded Rs 8,000 per sq.ft. The 2024 revision saw a notable increase to Rs 8,800 per sq.ft, a rise of 10% from the previous year.

In summary, from 2002 to 2024, the overall increase in the guideline value for Chitrakulam East Street is an impressive 843%. The 2017 revision does not have a recorded figure for this street.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, which is equal to the current value of Chitrakulam East Street.

• Chitrakulam North Street: Rs 8,800 per sq.ft (2024)
• Chitrakulam South Street: Rs 8,800 per sq.ft (2024)
• Chitrakulam West Street: Rs 11,000 per sq.ft (2024)
• Chokkalingam Street: Rs 7,100 per sq.ft (2024)
• Chidambaram Samy Koil Street: Rs 7,100 per sq.ft (2024)
• Chidambaram Samy Koil 4th Street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Chitrakulam East Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total fees to Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chitrakulam East Street?

The Sub Registrar Office that covers Chitrakulam East 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 property transactions in Mylapore. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. This value is set by the government and is updated periodically to reflect market conditions.

When buying or selling property, the guideline value ensures that the transaction is registered at a fair value, preventing undervaluation or overvaluation. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Chitrakulam East Street?

The current guideline value of Chitrakulam East Street is Rs 8,800 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 933 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, showing an overall increase of 843% over this period.

What is the stamp duty for property in Chitrakulam East Street?

The stamp duty for property in Chitrakulam East Street is 7% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 6,16,000 based on the current guideline value.

Which office handles the registration for Chitrakulam East Street?

The Mylapore Sub Registrar Office handles the registration for Chitrakulam East Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification of Chitrakulam East Street?

Chitrakulam East Street is classified as Residential Class III Type - III, indicating its designation for residential use under the guidelines set by the government.