Guideline Value for KAILASAPURAM 1ST STREET

Kailasapuram 1st Street guideline value

The current guideline value of Kailasapuram 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, and is classified as Residential Class V Type - III.

How the guideline value of Kailasapuram 1st Street has changed

The guideline value for Kailasapuram 1st Street has seen 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 increase of 11%. Following that, the value rose to Rs 900 per sq.ft in 2007, a change of 16%. The next revision in 2012 saw a significant jump to Rs 3,000 per sq.ft, which was an increase of 233%. However, in 2017, the value decreased to Rs 2,010 per sq.ft, reflecting a decline of 33%. The most recent revision in 2024 has set the guideline value at Rs 3,300 per sq.ft, which is an increase of 64% from the previous figure.

It is important to note that there is no figure available for the year 2023 for this street in the register. Overall, from 2002 to 2024, the guideline value has increased by 372%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a guideline value for 2024, 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 Kailasapuram 1st Street is below this median.

• Kailasapuram 2nd Street: Rs 3,300 per sq.ft (2024)
• Kailasapuram 3rd Street: Rs 3,300 per sq.ft (2024)
• Kailasapuram 4th Street: Rs 3,300 per sq.ft (2024)
• KAILASAPURAM 5TH STREET(Ranganathan Street): Rs 3,300 per sq.ft (2024)
• Kakanji Nagar: Rs 8,800 per sq.ft (2024)
• Kabali Thottam: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Kailasapuram 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and 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.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kailasapuram 1st Street?

The Sub Registrar Office that covers Kailasapuram 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 during the registration of property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to assess the minimum value for taxation purposes. This means that the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kailasapuram 1st Street?

The current guideline value of Kailasapuram 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 from Rs 699 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, representing an overall increase of 372% over the years.

What is the land classification for Kailasapuram 1st Street?

Kailasapuram 1st Street is classified as Residential Class V Type - III under the Mylapore SRO.

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.

How is the stamp duty calculated for properties in Kailasapuram 1st Street?

Stamp duty is 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 stamp duty would be Rs 2,31,000 at 7%.