Guideline Value for CHITRAKULAM NORTH STREET

Chitrakulam North Street guideline value

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

How the guideline value of Chitrakulam North Street has changed

The guideline value for Chitrakulam North Street has seen several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 872 per sq.ft. This increased to Rs 969 per sq.ft in 2003, marking an 11% rise. By 2007, the value surged to Rs 2,365 per sq.ft, reflecting a significant increase of 144%. In 2012, the value was Rs 8,000 per sq.ft, which was a 238% increase from the previous revision. However, it then dropped to Rs 5,360 per sq.ft in 2017, showing a decrease of 33%. The guideline value rose again to Rs 8,000 per sq.ft in 2023, and finally reached Rs 8,800 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 909%. There are no figures available for any revisions prior to 2002 or after 2024 for this street.

Guideline values in Mylapore

In Mylapore village, 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 guideline value is Rs 8,800 per sq.ft, which is equal to the current value of Chitrakulam North Street.

• Chitrakulam East 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 North Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to 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, totaling 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. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Chitrakulam North Street?

The Sub Registrar Office that covers Chitrakulam North 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 information.

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

The guideline value plays a crucial role when buying or selling property in Mylapore. It is used to determine the stamp duty and registration fees applicable during the transaction. Buyers and sellers must be aware of the current guideline value to ensure accurate calculations of these fees.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration process is aligned with the official valuation set by the Registration Department.

Frequently asked questions

What is the current guideline value of Chitrakulam North Street?

The current guideline value of Chitrakulam North 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 from Rs 872 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, showing an overall increase of 909% over the years.

What is the stamp duty rate for properties in Chitrakulam North Street?

The stamp duty rate for properties in Chitrakulam North Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Chitrakulam North Street?

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

What are the registration fees for property transactions in Chitrakulam North Street?

The registration fee for property transactions in Chitrakulam North Street is 2% of the guideline value or the sale price, whichever is higher.