Guideline Value for LEETH CASTLE 2ND CROSS STREET

Leeth Castle 2nd Cross Street guideline value

The current guideline value of Leeth Castle 2nd Cross Street is Rs 11,500 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Leeth Castle 2nd Cross Street has changed

The guideline value for Leeth Castle 2nd Cross Street has seen several revisions over the years. The 2012 revision recorded a value of Rs 10,500 per sq.ft, which then decreased to Rs 7,035 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 10,500 per sq.ft. The latest revision in 2024 has further increased this value by 10%, resulting in the current guideline value of Rs 11,500 per sq.ft.

It is important to note that there are no figures available for the revisions in the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. Leeth Castle 2nd Cross Street's 2024 guideline value is above this median.

• Leeth Castle 1st Cross Street: Rs 11,500 per sq.ft (2024)
• Leeth Castle Central Street: Rs 11,500 per sq.ft (2024)
• Leen Perira Street: Rs 8,200 per sq.ft (2024)
• Leeth Castle North Street: Rs 11,500 per sq.ft (2024)
• Leeth Castle South Street: Rs 11,500 per sq.ft (2024)
• Leonard Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Leeth Castle 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value would be Rs 1,15,00,000. The stamp duty at 7% would amount to Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, leading to a total of Rs 10,35,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Leeth Castle 2nd Cross Street?

The Sub Registrar Office that covers Leeth Castle 2nd Cross 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 in property transactions in Mylapore. It serves as a benchmark for determining the amount of stamp duty and registration fees that need to be paid when buying or selling property. The guideline value is set by the government and is updated periodically to reflect changes in the real estate market.

When a property is sold, the buyer and seller must ensure that the sale price is in accordance with the guideline value to avoid any legal issues during registration. This ensures transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Leeth Castle 2nd Cross Street?

The current guideline value of Leeth Castle 2nd Cross Street is Rs 11,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 10,500 per sq.ft in 2012 to Rs 7,035 per sq.ft in 2017, then increased to Rs 10,500 per sq.ft in 2023, and finally to Rs 11,500 per sq.ft in 2024.

What is the land classification for Leeth Castle 2nd Cross Street?

The land classification for Leeth Castle 2nd Cross Street is Residential Class II Type - III.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Leeth Castle 2nd Cross Street is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street Alwarpet, Chennai -600018.

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

Stamp duty is calculated as a percentage of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 1,15,00,000, the stamp duty would be Rs 8,05,000 at a rate of 7%.