Guideline Value for DWARAKA COLONY

Dwaraka Colony guideline value

The current guideline value of Dwaraka Colony is Rs 13,200 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class II Type - I.

How the guideline value of Dwaraka Colony has changed

The guideline value for Dwaraka Colony has seen significant changes over the years. In 2002, the value was Rs 1,489 per sq.ft, which increased to Rs 1,654 per sq.ft in 2003, marking an increase of 11%. The value then rose to Rs 1,750 per sq.ft in 2007, a 6% increase. A substantial jump occurred between 2007 and 2012, where the value surged to Rs 12,000 per sq.ft, reflecting a remarkable 586% increase. However, from 2012 to 2017, the value decreased to Rs 8,040 per sq.ft, a decline of 33%. The most recent revision in 2024 saw the guideline value rise to Rs 13,200 per sq.ft, an increase of 64% from 2017.

It is important to note that there is no figure available for the year 2023 for this street. Overall, the guideline value has increased by 787% from 2002 to 2024.

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, with a median value of Rs 8,800 per sq.ft. Dwaraka Colony's 2024 guideline value of Rs 13,200 per sq.ft is above this median.

• East Circular Road: Rs 15,900 per sq.ft (2024)
• Durga Bai Deshmuk Road: Rs 17,600 per sq.ft (2024)
• East Tank Square Street: Rs 3,300 per sq.ft (2024)
• D-Silva Road: Rs 16,500 per sq.ft (2024)
• D'silva Lane: Rs 9,900 per sq.ft (2024)
• Dr. Sivasamy Salai (Cit Colony 1st Cross St To North End Of The Street): Rs 15,900 per sq.ft (2024)

Stamp duty and registration fee for property in Dwaraka Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value would be Rs 1,32,00,000. The stamp duty at 7% would amount to Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, bringing the total to Rs 11,88,000. 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 more details.

Which Sub Registrar Office covers Dwaraka Colony?

The Sub Registrar Office that covers Dwaraka Colony 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 serves as a benchmark for determining the minimum value of a property during registration. Buyers and sellers must be aware that the guideline value will influence the stamp duty and registration fees applicable during the transaction.

When a property is registered, the stamp duty is calculated based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions, reflecting the value of the property as per the guideline register.

Frequently asked questions

What is the current guideline value of Dwaraka Colony?

The current guideline value of Dwaraka Colony is Rs 13,200 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 1,489 per sq.ft in 2002 to Rs 13,200 per sq.ft in 2024, marking an overall increase of 787%.

What is the land classification of Dwaraka Colony?

Dwaraka Colony is classified as Residential Class II Type - I under the Mylapore SRO.

Where can I find the Mylapore Sub Registrar Office?

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

How is stamp duty calculated in Dwaraka Colony?

Stamp duty in Dwaraka Colony is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 9,24,000.