Guideline Value for LOOP 1ST STREET

Loop 1st Street guideline value

The current guideline value of Loop 1st Street is Rs 8,200 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 IV Type - I.

How the guideline value of Loop 1st Street has changed

The guideline value for Loop 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 7,500 per sq.ft, which decreased to Rs 5,025 per sq.ft in 2017. Following this, the value significantly increased to Rs 7,500 per sq.ft in 2023, and most recently, it has risen to Rs 8,200 per sq.ft in 2024, reflecting a 9% increase from the previous year.

In terms of percentage changes, the value rose by 49% from 2017 to 2023 and decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Mylapore

In Mylapore, there are 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 these streets is Rs 8,800 per sq.ft, making the 2024 figure for Loop 1st Street below that median.

• Loop 2nd Street: Rs 8,200 per sq.ft (2024)
• Loop Road (Govt.Quarters): Rs 8,200 per sq.ft (2024)
• Loop Street (C.I.T. Colony): Rs 9,900 per sq.ft (2024)
• Loop Street (Mandavelipakkam): Rs 3,300 per sq.ft (2024)
• Loganathan Colony: Rs 7,100 per sq.ft (2024)
• Luthar Ford Puram: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Loop 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value would be Rs 82,00,000. The stamp duty at 7% would amount to Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, making the total cost for these fees Rs 7,38,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Loop 1st Street?

The Sub Registrar Office that covers Loop 1st 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 an essential factor in the registration process of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and standardization in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. Buyers should be aware of the guideline value to better understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Loop 1st Street?

The current guideline value of Loop 1st Street is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 7,500 per sq.ft in 2012 to Rs 5,025 per sq.ft in 2017, then to Rs 7,500 per sq.ft in 2023, and finally to Rs 8,200 per sq.ft in 2024.

What is the stamp duty for property in Loop 1st Street?

The stamp duty for property in Loop 1st Street is calculated at 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Loop 1st Street located?

The Sub Registrar Office for Loop 1st Street is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What is the land classification of Loop 1st Street?

Loop 1st Street is classified as Residential Class IV Type - I according to the Mylapore SRO guidelines.