Guideline Value for IRUSAPPA KIRAMANI STREET

Irusappa Kiramani Street guideline value

The current guideline value of Irusappa Kiramani Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, with a land classification of Residential Class III Type - III.

How the guideline value of Irusappa Kiramani Street has changed

The guideline value for Irusappa Kiramani Street has undergone several revisions over the years. In 2002, the value was Rs 699 per sq.ft. This increased to Rs 777 per sq.ft in 2003, marking an increase of 11%. The value then saw a significant rise to Rs 1,540 per sq.ft in 2007, which was an increase of 98%. Following this, the value jumped to Rs 8,000 per sq.ft in 2012, reflecting a substantial increase of 419%. However, from 2012 to 2017, the value decreased to Rs 5,360 per sq.ft, a drop of 33%. The next revision in 2023 set the value at Rs 8,000 per sq.ft, which was a 49% increase. The most recent revision in 2024 has raised the value to Rs 8,800 per sq.ft, an increase of 10% from the previous year.

Overall, from 2002 to 2024, the guideline value for Irusappa Kiramani Street has increased by 1,159%.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, which is equal to the current guideline value of Irusappa Kiramani Street.

• Irudhayapuram (Dooming Kuppam): Rs 3,300 per sq.ft (2024)
• Iyemperumal Street: Rs 8,800 per sq.ft (2024)
• Jagadambal Colony 1st Street: Rs 8,800 per sq.ft (2024)
• Jagadambal Colony 2nd Street: Rs 8,800 per sq.ft (2024)
• Indirani Ammal Street: Rs 8,800 per sq.ft (2024)
• Iluppai Thoppu: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Irusappa Kiramani Street

For a 1,000 sq.ft plot at the current guideline value, 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, resulting in a total of Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Irusappa Kiramani Street?

The Sub Registrar Office that covers Irusappa Kiramani 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 plays a crucial role 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. Buyers and sellers must consider the guideline value when negotiating the sale price, as the registration fees and stamp duty are calculated based on this value.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair price, preventing undervaluation. This is particularly important for legal and taxation purposes, as it helps maintain transparency in property transactions.

Frequently asked questions

What is the current guideline value of Irusappa Kiramani Street?

The current guideline value of Irusappa Kiramani 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 significantly from Rs 699 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 1,159% over this period.

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

For a property valued at Rs 88,00,000, the stamp duty is Rs 6,16,000, and the registration fee is Rs 1,76,000, totaling Rs 7,92,000.

Which office handles property registration for Irusappa Kiramani Street?

The Mylapore Sub Registrar Office handles property registration for Irusappa Kiramani Street, 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 used to determine the minimum registration value for properties, which affects the stamp duty and registration fees. It ensures that property transactions are recorded transparently and fairly.