Guideline Value for LEETH CASTLE SOUTH STREET

Leeth Castle South Street guideline value

The current guideline value of Leeth Castle South Street is Rs 11,500 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 II Type - III.

How the guideline value of Leeth Castle South Street has changed

The guideline value for Leeth Castle South Street has seen significant changes over the years. In 2002, the value was Rs 1,305 per sq.ft, which increased to Rs 1,852 per sq.ft in 2003, marking a 42% rise. The value continued to grow, reaching Rs 2,365 per sq.ft in 2007, a 28% increase from the previous revision. By 2012, the value remained at Rs 10,500 per sq.ft, showing no change from the 2012 revision until 2023.

In 2023, the guideline value was Rs 10,500 per sq.ft, and it increased by 10% to Rs 11,500 per sq.ft in the 2024 revision. Overall, from 2002 to 2024, the guideline value has risen by 781%. It is important to note that there is no figure available for the year 2017 for this street.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values 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, indicating that Leeth Castle South Street's 2024 value is above this median.

• Leeth Castle North Street: Rs 11,500 per sq.ft (2024)
• Leeth Castle Central Street: Rs 11,500 per sq.ft (2024)
• Leeth Castle 2nd Cross Street: Rs 11,500 per sq.ft (2024)
• Leeth Castle 1st Cross Street: Rs 11,500 per sq.ft (2024)
• Leen Perira Street: Rs 8,200 per sq.ft (2024)
• Leonard Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Leeth Castle South Street

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value amounts to Rs 1,15,00,000. The stamp duty at 7% would be Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, bringing the total to Rs 10,35,000. It is important to note that the 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 further calculations.

Which Sub Registrar Office covers Leeth Castle South Street?

The Sub Registrar Office that covers Leeth Castle South 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 plays a crucial role in the registration process of property transactions in Mylapore. It is used to determine the stamp duty and registration fees that buyers need to pay during the transfer of property ownership. This ensures that the government receives the appropriate revenue from property transactions.

When buying or selling property, it is essential to refer to the current guideline value to understand the financial implications. Buyers should be aware that the guideline value may differ from the market price, and they will be required to pay duty based on the higher of the two values.

Frequently asked questions

What is the current guideline value of Leeth Castle South Street?

The current guideline value of Leeth Castle South 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 significantly from Rs 1,305 per sq.ft in 2002 to Rs 11,500 per sq.ft in 2024, reflecting an overall increase of 781% over this period.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 1,15,00,000, the stamp duty would be Rs 8,05,000 and the registration fee would be Rs 2,30,000, totaling Rs 10,35,000.

Which office handles registrations for Leeth Castle South Street?

The Mylapore Sub Registrar Office handles registrations for Leeth Castle South Street, 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 essential for determining the stamp duty and registration fees during property transactions. It ensures that the government receives the appropriate revenue based on the property's assessed value.