Guideline Value for ELEPHANT TANK 5TH STREET

Elephant Tank 5th Street guideline value

The current guideline value of Elephant Tank 5th 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 Elephant Tank 5th Street has changed

The guideline value for Elephant Tank 5th Street has seen several revisions over the years. In 2002, the guideline value was Rs 699 per sq.ft, which increased to Rs 777 per sq.ft in 2003, marking an increase of 11%. The value then rose to Rs 900 per sq.ft in 2007, a significant jump of 16%. Following this, the value surged to Rs 3,000 per sq.ft in 2012, reflecting a remarkable increase of 233%. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, a drop of 33%. The next revision in 2023 saw the value rise to Rs 3,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 3,300 per sq.ft, an increase of 10%.

Overall, from 2002 to 2024, the guideline value has increased by 372%. There are no figures available for the revisions in years not specified in the register for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry 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 for Elephant Tank 5th Street is below this median.

• Elephant Tank 4th Street: Rs 3,300 per sq.ft (2024)
• Elephant Tank 6th Street: Rs 3,300 per sq.ft (2024)
• Elephant Tank 3rd Street: Rs 3,300 per sq.ft (2024)
• Elephant Tank 2nd Street: Rs 3,300 per sq.ft (2024)
• Elephant Tank 1st 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 5th 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 be Rs 2,31,000, and the registration fee at 2% would amount to 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 5th Street?

The Sub Registrar Office that covers Elephant Tank 5th 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 when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a buyer and seller agree on a sale price, the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate taxes based on the property's value.

Frequently asked questions

What is the current guideline value of Elephant Tank 5th Street?

The current guideline value of Elephant Tank 5th 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 from Rs 699 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 372% over the years.

What is the land classification of Elephant Tank 5th Street?

Elephant Tank 5th Street is classified as Residential Class V Type - III.

Where is the Mylapore Sub Registrar Office located?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the total stamp duty and registration fees would amount to Rs 2,97,000.