Guideline Value for ELEPHANT TANK 1ST STREET

Elephant Tank 1st Street guideline value

The current guideline value of Elephant Tank 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO. The land classification for this area is Residential Class V Type - III.

How the guideline value of Elephant Tank 1st Street has changed

The guideline value for Elephant Tank 1st Street has undergone several revisions over the years. In 2002, the value was Rs 699 per sq.ft, which increased to Rs 777 per sq.ft in 2003, marking an 11% rise. The value further increased to Rs 900 per sq.ft in 2007, reflecting a 16% change. A significant jump occurred in 2012 when the value reached Rs 3,000 per sq.ft, showing a 233% increase from the previous revision.

However, from 2012 to 2017, the guideline value decreased to Rs 2,010 per sq.ft, which was a 33% decline. The most recent revision in 2024 saw the guideline value rise to Rs 3,300 per sq.ft, representing a 64% increase from 2017. Notably, there is no figure available for the year 2023 in the register for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that have 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. The guideline value of Elephant Tank 1st Street is below this median.

• Elephant Tank 2nd Street: Rs 3,300 per sq.ft (2024)
• Elephant Tank 3rd Street: Rs 3,300 per sq.ft (2024)
• Elephant Tank 4th Street: Rs 3,300 per sq.ft (2024)
• Elephant Tank 5th Street: Rs 3,300 per sq.ft (2024)
• Elephant Tank 6th Street: Rs 3,300 per sq.ft (2024)
• Ellayai Amman Koil Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Elephant Tank 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 details.

Which Sub Registrar Office covers Elephant Tank 1st Street?

The Sub Registrar Office that covers Elephant Tank 1st 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 the registration process of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value as it influences the overall costs involved in the transaction. Buyers should ensure that they are informed about the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Elephant Tank 1st Street?

The current guideline value of Elephant Tank 1st 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 699 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 372% over the years.

What is the land classification for Elephant Tank 1st Street?

Elephant Tank 1st Street is classified as Residential Class V Type - III.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles the registration for Elephant Tank 1st Street?

The Mylapore Sub Registrar Office handles the registration for Elephant Tank 1st Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.