Guideline Value for KUYIL THOTTAM

Kuyil Thottam guideline value

The current guideline value of Kuyil Thottam is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village and falls under the Mylapore SRO. The land classification for this street is Residential Class V Type - III.

How the guideline value of Kuyil Thottam has changed

The guideline value of Kuyil Thottam has seen several revisions over the years. In 2002, the value was Rs 625 per sq.ft. This increased to Rs 695 per sq.ft in 2003, marking an 11% rise. The value saw a significant jump to Rs 900 per sq.ft in 2007, which was a 29% increase. Following that, in 2012, the value decreased to Rs 3,000 per sq.ft, reflecting a decline of 233%. The 2017 revision brought the value up to Rs 2,010 per sq.ft, which was a 49% increase. The most recent revision in 2023 set the value at Rs 3,000 per sq.ft, and the current value for 2024 is Rs 3,300 per sq.ft, showing a 10% increase from the previous year.

There are no figures available for revisions in years other than those listed. The overall increase in guideline value from 2002 to 2024 is 428%.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values for 2024 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 Kuyil Thottam's 2024 figure below that median.

• Kutti Kiramani Street: Rs 8,800 per sq.ft (2024)
• Kutti Kiramani 2nd Street: Rs 8,800 per sq.ft (2024)
• Kutti Kiramani 1st Street: Rs 8,800 per sq.ft (2024)
• Kutchery Road: Rs 22,000 per sq.ft (2024)
• Kutchery Lane: Rs 8,800 per sq.ft (2024)
• Lady Desigachari Road: Rs 16,500 per sq.ft (2024)

Stamp duty and registration fee for property in Kuyil Thottam

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling 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.

You can use the stamp duty and registration fee calculator for accurate calculations based on your property.

Which Sub Registrar Office covers Kuyil Thottam?

Kuyil Thottam is covered by 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 details.

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

The guideline value is a crucial factor in property transactions in Mylapore. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees. Buyers and sellers must consider this value during negotiations to ensure compliance with legal requirements.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures transparency and fairness in the property registration process, as the fees are based on a standardized value set by the government.

Frequently asked questions

What is the current guideline value of Kuyil Thottam?

The current guideline value of Kuyil Thottam 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 625 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 428% over this period.

What are the stamp duty and registration fees for properties in Kuyil Thottam?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations in Kuyil Thottam?

The Mylapore Sub Registrar Office handles property registrations in Kuyil Thottam, 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, ensuring that appropriate stamp duty and registration fees are collected. It plays a vital role in maintaining transparency in property transactions.