Guideline Value for DE-MONTE STREET

De-Monte Street guideline value

The current guideline value of De-Monte 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 De-Monte Street has changed

The guideline value for De-Monte Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 1,097 per sq.ft. This increased to Rs 1,219 per sq.ft in 2003, marking an increase of 11%. The 2007 revision saw a significant jump to Rs 1,540 per sq.ft, which was a 26% increase from the previous year. The value then surged dramatically to Rs 8,000 per sq.ft in 2012, reflecting a 419% increase. However, there was no change in the value during the 2017 revision, as the register has no figure for this street in it.

In the subsequent revisions, the guideline value remained at Rs 8,000 per sq.ft in 2023. The most recent revision in 2024 raised the figure to Rs 8,800 per sq.ft, resulting in a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 702%.

Guideline values in Mylapore

Mylapore village features a range of guideline values across its 883 streets under the Mylapore SRO, with values 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 guideline value of De-Monte Street.

• De-Monte Colony: Rs 8,800 per sq.ft (2024)
• Desigachari Road: Rs 13,200 per sq.ft (2024)
• Deiva Sigamani Road: Rs 8,800 per sq.ft (2024)
• Desikar Sesha Iyer Street: Rs 7,100 per sq.ft (2024)
• Devadi Street: Rs 8,800 per sq.ft (2024)
• Devanathan Street: Rs 16,500 per sq.ft (2024)

Stamp duty and registration fee for property in De-Monte Street

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

Which Sub Registrar Office covers De-Monte Street?

The Sub Registrar Office that covers De-Monte 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 is a crucial factor in the registration process for property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. When a buyer and seller agree on a sale price, the higher of the guideline value or the sale price is used to calculate the applicable stamp duty and registration fees.

This ensures that the government receives the appropriate revenue from property transactions. Buyers should be aware that the guideline value may affect their overall costs when purchasing property in Mylapore, as it directly influences the fees payable at the time of registration.

Frequently asked questions

What is the current guideline value of De-Monte Street?

The current guideline value of De-Monte 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 increased from Rs 1,097 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 702% over the years.

What are the other streets in Mylapore with similar guideline values?

Other streets in Mylapore with a guideline value of Rs 8,800 per sq.ft include De-Monte Colony, Deiva Sigamani Road, and Devadi Street.

What are the stamp duty and registration fees for property in De-Monte Street?

The stamp duty for property in De-Monte Street is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 7,92,000.

Which office handles property registrations in Mylapore?

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