Guideline Value for Esplanade Road

Esplanade Road guideline value

The current guideline value of Esplanade Road is Rs 13,000 per sq.ft, effective from 1 July 2024. This road is located in Muthiyalpet village, under the Sowcarpet SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Esplanade Road has changed

The guideline value for Esplanade Road has seen significant changes over the years. Starting from the 2003 revision, the value was Rs 1,798 per sq.ft. It increased to Rs 5,500 per sq.ft in 2007, marking a substantial rise of 206%. The value then jumped to Rs 12,000 per sq.ft in 2012, an increase of 118%. However, it decreased to Rs 8,040 per sq.ft in 2017, a decline of 33%. The next revision in 2023 saw the value rise to Rs 12,000 per sq.ft, a notable increase of 49%. Finally, the current guideline value is Rs 13,000 per sq.ft as of the 2024 revision, reflecting an 8% increase from the previous year.

It is important to note that there is no figure available for Esplanade Road in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 623%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, indicating that Esplanade Road's 2024 figure is above this median.

• Erusappa Maistry Street: Rs 13,000 per sq.ft (2024)
• Erusappa Lane: Rs 4,900 per sq.ft (2024)
• Erulappan Street: Rs 4,900 per sq.ft (2024)
• Evening Bazar Road: Rs 13,000 per sq.ft (2024)
• Elephant Gate Street: Rs 6,000 per sq.ft (2024)
• Ela Kandappan Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Esplanade Road

For a 1,000 sq.ft plot at the current guideline value of Rs 13,000 per sq.ft, the total guideline value amounts to Rs 1,30,00,000. The stamp duty at 7% would be Rs 9,10,000, and the registration fee at 2% would be Rs 2,60,000, bringing the total cost for these fees to Rs 11,70,000. It is essential to note that duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Esplanade Road?

The Sub Registrar Office that covers Esplanade Road is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Muthiyalpet

The guideline value plays a crucial role in property transactions in Muthiyalpet. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees. This ensures that all transactions are recorded accurately and fairly in accordance with government regulations.

Frequently asked questions

What is the current guideline value of Esplanade Road?

The current guideline value of Esplanade Road is Rs 13,000 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 1,798 per sq.ft in 2003 to Rs 13,000 per sq.ft in 2024, showing an overall increase of 623% over this period.

What is the median guideline value in Muthiyalpet?

The median guideline value for streets in Muthiyalpet is Rs 4,400 per sq.ft, while Esplanade Road's current value is above this median.

What are the stamp duty and registration fees for property in Esplanade Road?

For a property valued at Rs 1,30,00,000, the stamp duty would be Rs 9,10,000 and the registration fee would be Rs 2,60,000, totaling Rs 11,70,000.

Where is the Sowcarpet Sub Registrar Office located?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01. This office handles registrations for properties in the area, including Esplanade Road.