Guideline Value for KAILASAPURAM 2ND STREET

Kailasapuram 2nd Street guideline value

The current guideline value of Kailasapuram 2nd 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 falls under Residential Class V Type - III land classification.

How the guideline value of Kailasapuram 2nd Street has changed

Since the 2002 revision, the guideline value for Kailasapuram 2nd Street has seen significant changes. In 2002, the value was Rs 699 per sq.ft, which increased to Rs 777 per sq.ft in 2003, marking an 11% rise. The value continued to rise to Rs 900 per sq.ft in 2007, an increase of 16%. By 2012, the guideline value reached Rs 3,000 per sq.ft, showing a substantial increase of 233% from the previous revision. However, it then dropped to Rs 2,010 per sq.ft in 2017, reflecting a decrease of 33%.

The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, which is a 64% increase from the 2017 figure. Overall, from 2002 to 2024, the guideline value has increased by 372%. It is important to note that there is no figure for this street in the 2023 revision.

Guideline values in Mylapore

In Mylapore village, 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 guideline value in this area is Rs 8,800 per sq.ft, placing Kailasapuram 2nd Street's 2024 figure below that median.

• Kailasapuram 1st 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 2nd 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 cost to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kailasapuram 2nd Street?

The Sub Registrar Office that covers Kailasapuram 2nd 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 further assistance.

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

The guideline value is a crucial factor when registering property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and fairness in property dealings.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transfer of property ownership. Buyers and sellers should be aware of these values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Kailasapuram 2nd Street?

The current guideline value of Kailasapuram 2nd 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 increased 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 registration office for Kailasapuram 2nd Street?

The registration office for Kailasapuram 2nd Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What are the stamp duty rates for property in Kailasapuram 2nd Street?

The stamp duty for property in Kailasapuram 2nd Street is charged at 7% of the guideline value or sale price, whichever is higher.

How does the guideline value affect property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions, ensuring that the property is registered at a fair and transparent value.