Guideline Value for Divan Sahib Street

Divan Sahib Street guideline value

The current guideline value of Divan Sahib Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village under the Chennai Central Joint I SRO and is classified as Residential Class II Type - I.

How the guideline value of Divan Sahib Street has changed

According to the register, there are no figures available for Divan Sahib Street for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 7,000 per sq.ft, which was an increase from previous years. The latest revision in 2024 raised the guideline value to Rs 7,700 per sq.ft, marking a 10% increase from the 2023 figure.

This change reflects the ongoing adjustments in property values within the region. The current guideline value of Rs 7,700 per sq.ft is now established for the year 2024.

Guideline values in Mylapore Part 1

Mylapore Part 1 consists of 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for this area is Rs 8,800 per sq.ft, placing Divan Sahib Street's 2024 figure below this median.

• Diwan Sahib Lane: Rs 7,700 per sq.ft (2024)
• Damodaram Street: Rs 13,200 per sq.ft (2024)
• Corporation Colony 2st Street: Rs 7,700 per sq.ft (2024)
• Elango Salai: Rs 11,000 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)

Stamp duty and registration fee for property in Divan Sahib Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total cost for these fees to Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Divan Sahib Street?

The Sub Registrar Office that covers Divan Sahib 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 information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore Part 1. It is used to determine the stamp duty and registration fees, which are essential costs associated with property transactions.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used for calculating the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Divan Sahib Street?

The current guideline value of Divan Sahib Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Divan Sahib Street was Rs 7,000 per sq.ft in 2023 and increased to Rs 7,700 per sq.ft in 2024, reflecting a 10% rise.

What is the land classification of Divan Sahib Street?

Divan Sahib Street is classified as Residential Class II Type - I under the Chennai Central Joint I SRO.

What are the stamp duty and registration fees for property in Divan Sahib Street?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which office handles registrations for Divan Sahib Street?

The Chennai Central Joint I Sub Registrar Office handles registrations for Divan Sahib Street, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.