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 2 village under the Chennai Central Joint I SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Divan Sahib Street has changed

The guideline value for Divan Sahib Street has seen changes over the years. The most recent revision in 2024 set the value at Rs 7,700 per sq.ft, which is an increase of 10% from the 2023 revision of Rs 7,000 per sq.ft. The register has no figures for this street for the years 2002, 2003, 2007, 2012, and 2017.

Prior to the 2023 revision, the last recorded guideline value was Rs 7,000 per sq.ft. The revisions indicate a consistent approach to updating the values, reflecting changes in the locality. The 2024 figure of Rs 7,700 per sq.ft is below the median value of Rs 8,800 per sq.ft for Mylapore Part 2.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft. Divan Sahib Street's 2024 figure is below the median of Rs 8,800 per sq.ft. The following are other streets in Mylapore Part 2:

• 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 would be 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 to Rs 6,93,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, 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 2

The guideline value is a crucial factor in property transactions in Mylapore Part 2, as it determines the basis for stamp duty and registration fees. When buying or selling property, the guideline value is used to calculate the applicable taxes, ensuring that both parties are aware of the financial obligations involved in the transaction.

It is important for buyers and sellers to be aware of the current guideline value, as it can significantly impact the overall cost of the property transaction. Ensuring that the correct figures are used during registration helps in avoiding legal issues and ensures a smooth transfer of property ownership.

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. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value for streets in Mylapore Part 2?

The median guideline value for streets in Mylapore Part 2 is Rs 8,800 per sq.ft, with Divan Sahib Street's 2024 figure being below this median.

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

For a 1,000 sq.ft plot, the total guideline value would be 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, totaling Rs 6,93,000.

Where can I find the Sub Registrar Office for Divan Sahib Street?

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