Guideline Value for EAST TANK SQUARE STREET

East Tank Square Street guideline value

The current guideline value of East Tank Square Street is Rs 3,300 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 V Type - III.

How the guideline value of East Tank Square Street has changed

The guideline value for East Tank Square Street has seen several revisions over the years. In the 2007 revision, the value was Rs 900 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in the 2012 revision, representing a 233% rise. However, in the 2017 revision, the value decreased to Rs 2,010 per sq.ft, marking a decline of 33%. The value then rose to Rs 3,000 per sq.ft in 2023, a 49% increase from the previous figure. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, reflecting a 10% increase from the 2023 figure.

The register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 267%.

Guideline values in Mylapore

In Mylapore village, there are a total of 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, which means that the 2024 figure for East Tank Square Street is below this median.

• East Circular Road: Rs 15,900 per sq.ft (2024)
• Dwaraka Colony: Rs 13,200 per sq.ft (2024)
• E Depot Lane: Rs 3,300 per sq.ft (2024)
• E Depot Street: Rs 3,300 per sq.ft (2024)
• Ekambaram Street: Rs 3,300 per sq.ft (2024)
• Durga Bai Deshmuk Road: Rs 17,600 per sq.ft (2024)

Stamp duty and registration fee for property in East Tank Square Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers East Tank Square Street?

The Sub Registrar Office that covers East Tank Square 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 property transactions in Mylapore. It serves as a benchmark for determining the minimum price at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal ownership transfer.

Additionally, the guideline value helps ensure transparency in property transactions, as it provides a standardized value that reflects the market conditions in the area. Buyers and sellers should always check the latest guideline values before proceeding with any transactions to avoid discrepancies.

Frequently asked questions

What is the current guideline value of East Tank Square Street?

The current guideline value of East Tank Square Street is Rs 3,300 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 900 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 267% over the years.

What is the median guideline value in Mylapore?

The median guideline value in Mylapore is Rs 8,800 per sq.ft, which is higher than the current value of East Tank Square Street.

What fees are associated with buying property on East Tank Square Street?

When buying property on East Tank Square Street, the stamp duty is 7% of the guideline value, and the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for East Tank Square Street located?

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