Guideline Value for LEONARD STREET

Leonard Street guideline value

The current guideline value of Leonard Street is Rs 3,300 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 V Type - III.

How the guideline value of Leonard Street has changed

The guideline value for Leonard Street has seen several revisions over the years. Starting from Rs 699 per sq.ft in 2002, it increased to Rs 777 per sq.ft in 2003, marking an increase of 11%. By 2007, the value rose significantly to Rs 900 per sq.ft, which was a 16% increase. In 2012, the value reached Rs 3,000 per sq.ft, reflecting a substantial increase of 233%. However, it then dropped to Rs 2,010 per sq.ft in 2017, a decrease of 33%. The value then climbed to Rs 3,000 per sq.ft in 2023, followed by a final increase to Rs 3,300 per sq.ft in 2024, which is a 10% rise.

Overall, from 2002 to 2024, the guideline value has increased by 372%. There are no figures available for the revisions in years not specified in the register.

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, with a median value of Rs 8,800 per sq.ft. Leonard Street's 2024 guideline value is below this median.

• Leeth Castle South Street: Rs 11,500 per sq.ft (2024)
• 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)

Stamp duty and registration fee for property in Leonard Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the 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, totaling Rs 2,97,000. 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 Leonard Street?

The Sub Registrar Office that covers Leonard 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 property transactions in Mylapore. It serves as a benchmark for determining the minimum value for property registration, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these charges are based on the guideline value or the sale price, whichever is higher, to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Leonard Street?

The current guideline value of Leonard 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, showing an overall increase of 372% over this period.

What is the registration fee for property in Leonard Street?

The registration fee is calculated at 2% of the guideline value. For a property valued at Rs 33,00,000, the registration fee would be Rs 66,000.

Where is the Sub Registrar Office for Leonard Street located?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What are the other streets in Mylapore with guideline values?

Other streets in Mylapore include Leeth Castle South Street, Leeth Castle North Street, Leeth Castle Central Street, Leeth Castle 2nd Cross Street, Leeth Castle 1st Cross Street, and Leen Perira Street, with values ranging from Rs 8,200 to Rs 11,500 per sq.ft in 2024.