Guideline Value for IILANGO STREET

Iilango Street guideline value

The current guideline value of Iilango Street is Rs 8,800 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 III Type - III.

How the guideline value of Iilango Street has changed

The guideline value for Iilango Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 8,800 per sq.ft, which is a 10% increase from the 2023 revision of Rs 8,000 per sq.ft. Prior to that, the 2017 revision recorded a guideline value of Rs 5,360 per sq.ft, marking a significant 49% increase from the earlier 2012 revision, which was Rs 8,000 per sq.ft. Notably, there are no figures available for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%, reflecting the fluctuations in property valuation over the years.

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. The median value is Rs 8,800 per sq.ft, which is equal to the current guideline value of Iilango Street.

• Iluppai Thoppu: Rs 3,300 per sq.ft (2024)
• Indirani Ammal Street: Rs 8,800 per sq.ft (2024)
• Gururaja Puram: Rs 8,800 per sq.ft (2024)
• Gurupuram: Rs 8,800 per sq.ft (2024)
• Gurukal Colony: Rs 3,300 per sq.ft (2024)
• Irudhayapuram (Dooming Kuppam): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Iilango Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total to Rs 7,92,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Iilango Street?

The Sub Registrar Office that covers Iilango 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 stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is used to calculate the fees, ensuring that the government receives the appropriate revenue based on the property's valuation. This value is essential for both buyers and sellers to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Iilango Street?

The current guideline value of Iilango Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,360 per sq.ft in 2017 to Rs 8,800 per sq.ft in 2024, with various increments and decrements in between, including a 10% increase from 2023 to 2024.

What are the registration fees for property in Iilango Street?

The registration fees depend on the guideline value and are calculated based on a percentage of the property's value. For example, a property valued at Rs 88,00,000 would incur a registration fee of Rs 1,76,000 at 2%.

Where can I find the Mylapore Sub Registrar Office?

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

What is the significance of the guideline value in property transactions?

The guideline value is significant as it determines the stamp duty and registration fees during property transactions. It ensures that the government collects the appropriate fees based on the property's valuation.