Guideline Value for Cathedral Salai

Cathedral Salai guideline value

The current guideline value of Cathedral Salai is Rs 20,900 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village under the Chennai Central Joint I SRO. The land classification for this area is Commercial Special Type - I.

How the guideline value of Cathedral Salai has changed

According to the register, there are no figures available for Cathedral Salai for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 19,000 per sq.ft, which was an increase from the previous revisions. The latest 2024 revision has increased this value to Rs 20,900 per sq.ft, marking a change of +10% from the 2023 figure.

This increase reflects the updated valuation and adjustments made in the Chennai Central Joint I SRO. The current guideline value is now above the median of Rs 8,800 per sq.ft for the 333 streets in Mylapore Part 1.

Guideline values in Mylapore Part 1

The guideline values for Mylapore Part 1 range from Rs 4,400 to Rs 25,300 per sq.ft as per the 2024 revision. Cathedral Salai's current figure of Rs 20,900 per sq.ft is significantly above the median value. Here are the guideline values for other streets in Mylapore Part 1:

• Cathedral Garden Road: Rs 13,200 per sq.ft (2024)
• Cathedral Garden Lane: Rs 8,700 per sq.ft (2024)
• Cenatoph 1st Lane: Rs 15,400 per sq.ft (2024)
• Cenatoph 1st Street: Rs 15,400 per sq.ft (2024)
• Cenatoph 2nd Lane: Rs 15,400 per sq.ft (2024)
• Cenatoph 2nd Lane cross Street: Rs 15,400 per sq.ft (2024)

Stamp duty and registration fee for property in Cathedral Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 20,900 per sq.ft, the total guideline value would be Rs 2,09,00,000. The stamp duty at 7% would amount to Rs 14,63,000, and the registration fee at 2% would be Rs 4,18,000. Together, the total cost for these fees would be Rs 18,81,000. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Cathedral Salai?

The Sub Registrar Office that covers Cathedral Salai is 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 1

The guideline value is a crucial factor when registering a property in Mylapore Part 1. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must consider this value to ensure compliance with legal requirements during the sale process.

When a property is sold, the guideline value will be used to calculate the necessary fees, which are mandatory for the registration of the sale deed. This ensures that both parties are aware of the financial implications tied to the property's valuation.

Frequently asked questions

What is the current guideline value of Cathedral Salai?

The current guideline value of Cathedral Salai is Rs 20,900 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

From the 2023 revision to the 2024 revision, the guideline value increased from Rs 19,000 per sq.ft to Rs 20,900 per sq.ft, which is a change of +10%.

What is the land classification for Cathedral Salai?

The land classification for Cathedral Salai is Commercial Special Type - I, indicating its commercial usage.

What are the stamp duty and registration fees for a property in Cathedral Salai?

For a 1,000 sq.ft property at the current guideline value, the stamp duty would be Rs 14,63,000 and the registration fee would be Rs 4,18,000, totaling Rs 18,81,000.

Which office handles registrations for Cathedral Salai?

The registrations for Cathedral Salai are handled by the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.