Guideline Value for Damodaram Street

Damodaram Street guideline value

The current guideline value of Damodaram Street is Rs 13,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village, under the Chennai Central Joint I SRO. It is classified as Commercial Special Type - III.

How the guideline value of Damodaram Street has changed

The guideline value for Damodaram Street has undergone several revisions over the years. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the value at Rs 12,000 per sq.ft, which was a significant increase from the previous years. The latest 2024 revision raised it further to Rs 13,200 per sq.ft, marking a 10% increase from the 2023 figure.

With the 2024 revision, Damodaram Street's guideline value is now positioned above the median value of Rs 8,800 per sq.ft for the 333 streets in Mylapore Part 1 under the Chennai Central Joint I SRO. This reflects the ongoing adjustments in property values in the area.

Guideline values in Mylapore Part 1

Mylapore Part 1 has a range of guideline values, with figures for 2024 varying from Rs 4,400 to Rs 25,300 per sq.ft. The guideline value for Damodaram Street at Rs 13,200 per sq.ft is above the median value. Here are some other streets in Mylapore Part 1:

• Corporation Colony 2st Street: Rs 7,700 per sq.ft (2024)
• Corporation Colony 1st Street: Rs 7,700 per sq.ft (2024)
• Co-Operative Colony: Rs 14,300 per sq.ft (2024)
• Conronsmith (Road) Salai: Rs 13,200 per sq.ft (2024)
• Chockalingam Nagar: Rs 14,300 per sq.ft (2024)
• Chockalingam Main Road: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Damodaram Street

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

Which Sub Registrar Office covers Damodaram Street?

The Sub Registrar Office that covers Damodaram Street 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 details.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is a crucial factor during the registration process of property transactions in Mylapore Part 1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When registering a property, the guideline value helps ensure that the transaction is recorded accurately. It is essential for buyers and sellers to be aware of the current guideline value to understand the financial implications of their property dealings.

Frequently asked questions

What is the current guideline value of Damodaram Street?

The current guideline value of Damodaram Street is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Damodaram Street has seen revisions in 2023 and 2024, with the 2023 figure at Rs 12,000 per sq.ft and the 2024 figure increasing to Rs 13,200 per sq.ft. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification of Damodaram Street?

Damodaram Street is classified as Commercial Special Type - III, indicating its commercial significance in the area.

Where can I find the Sub Registrar Office for Damodaram Street?

The Sub Registrar Office for Damodaram Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is the stamp duty calculated for properties in Damodaram Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft would incur a total stamp duty and registration fee of Rs 11,88,000.