Guideline Value for Kasthuri Estate 2nd Street

Kasthuri Estate 2nd Street guideline value

The current guideline value of Kasthuri Estate 2nd Street is Rs 17,500 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village under the Chennai Central Joint I SRO, and it is classified as Residential Special Type - III.

How the guideline value of Kasthuri Estate 2nd Street has changed

The guideline value for Kasthuri Estate 2nd Street has seen several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 16,000 per sq.ft. This increased by 9% to reach Rs 17,500 per sq.ft in the 2024 revision.

Comparing the revisions, the most recent change from 2023 to 2024 reflects a significant increase in the guideline value. The current figure of Rs 17,500 per sq.ft is the highest recorded for this street in the available revisions.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, indicating that Kasthuri Estate 2nd Street's current figure is above the median.

• Kasthuri Estate 1st Street: Rs 17,500 per sq.ft (2024)
• Kasthuri Estate 3rd Lane: Rs 17,500 per sq.ft (2024)
• Kasthuri Estate: Rs 17,500 per sq.ft (2024)
• Kasthuri Estate 3rd Street: Rs 17,500 per sq.ft (2024)
• Kasthuri Estate MainRoad: Rs 17,500 per sq.ft (2024)
• Kasthuri Ranga 1st Lane: Rs 17,500 per sq.ft (2024)

Stamp duty and registration fee for property in Kasthuri Estate 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 17,500 per sq.ft, the total guideline value amounts to Rs 1,75,00,000. The stamp duty at 7% would be Rs 12,25,000, and the registration fee at 2% would be Rs 3,50,000, leading to a total of Rs 15,75,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kasthuri Estate 2nd Street?

The Sub Registrar Office that covers Kasthuri Estate 2nd Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore Part 1. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that the transaction is officially recorded by the authorities.

When a property is sold, the guideline value is used to calculate the applicable fees, which are based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kasthuri Estate 2nd Street?

The current guideline value of Kasthuri Estate 2nd Street is Rs 17,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Kasthuri Estate 2nd Street has changed from Rs 16,000 per sq.ft in 2023 to Rs 17,500 per sq.ft in 2024, reflecting a 9% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Kasthuri Estate 2nd Street?

Kasthuri Estate 2nd Street is classified as Residential Special Type - III. This classification is important for understanding the zoning and usage of the property.

Where is the Sub Registrar Office located for this area?

The Sub Registrar Office covering Kasthuri Estate 2nd Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. This office handles the registration of property transactions in the area.

How is the stamp duty calculated for properties in this street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 1,75,00,000 would incur a stamp duty of Rs 12,25,000 at a rate of 7%.