Guideline Value for LLOYDS ROAD 2ND STREET

Lloyds Road 2nd Street guideline value

The current guideline value of Lloyds Road 2nd Street is Rs 8,800 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 III Type - III.

How the guideline value of Lloyds Road 2nd Street has changed

Over the years, the guideline value for Lloyds Road 2nd Street has seen several revisions. The earliest recorded value is from 2012 at Rs 8,000 per sq.ft. This was followed by a decrease in 2017 to Rs 5,360 per sq.ft, marking a drop of 33%. In 2023, the value increased significantly to Rs 8,000 per sq.ft, and with the latest revision in 2024, it stands at Rs 8,800 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. The overall change from the 2012 figure to the 2024 figure shows a 10% increase.

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 for the 2024 revision is Rs 8,800 per sq.ft, which is equal to the current value of Lloyds Road 2nd Street. Below are some other streets in Mylapore:

• Lloyds Road 1st Street: Rs 13,200 per sq.ft (2024)
• LLOYDS ROAD (From RH Road to Dr.Natsan Road): Rs 11,500 per sq.ft (2024)
• Lloyds Colony: Rs 11,500 per sq.ft (2024)
• LLOYDS ROAD (Natesan Road to Kamarajar Salai): Rs 9,300 per sq.ft (2024)
• LLOYDS ROAD (RH Road to Gowdia Madam Salai): Rs 13,200 per sq.ft (2024)
• Loganathan Colony: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Lloyds Road 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total to Rs 7,92,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lloyds Road 2nd Street?

The Sub Registrar Office that covers Lloyds Road 2nd 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 critical factor in the registration process for property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value according to government standards.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential for completing the transaction legally. Buyers should be aware of the guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Lloyds Road 2nd Street?

The current guideline value of Lloyds Road 2nd Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 8,000 in 2012 to Rs 5,360 in 2017, then back to Rs 8,000 in 2023, and currently stands at Rs 8,800 in 2024.

What is the land classification for Lloyds Road 2nd Street?

Lloyds Road 2nd Street is classified as Residential Class III Type - III.

Where can I find the Mylapore Sub Registrar Office?

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

How is stamp duty calculated for properties in Mylapore?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 88,00,000, the stamp duty would be calculated at 7% of that amount.