Guideline Value for LOOP 2ND STREET

Loop 2nd Street guideline value

The current guideline value of Loop 2nd 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 2nd Street has changed

The guideline value for Loop 2nd Street has seen several revisions over the years. In 2002, the value was Rs 1,044 per sq.ft, which increased to Rs 1,160 per sq.ft in 2003, marking an 11% rise. The value then rose significantly to Rs 1,540 per sq.ft in 2007, a 33% increase from the previous revision. The next revision in 2012 saw a substantial jump to Rs 7,500 per sq.ft, reflecting a remarkable 387% increase. However, this was followed by a decrease to Rs 5,025 per sq.ft in 2017, which represented a decline of 33%.

The most recent revision in 2024 set the guideline value at Rs 8,200 per sq.ft, indicating a 63% increase from the 2017 figure. Overall, from 2002 to 2024, the guideline value has increased by 685%. It is important to note that there is no figure for this street in the 2023 revision.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with 2024 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, placing Loop 2nd Street's 2024 figure below that median.

• Loop 1st 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 2nd 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. Together, the total cost for stamp duty and registration would be Rs 7,38,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Loop 2nd Street?

The Sub Registrar Office covering Loop 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 plays a crucial role during the registration process when buying or selling property in Mylapore. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value rather than the negotiated sale price.

When you register a property, the guideline value is used to determine the applicable fees, which helps maintain transparency in property transactions. Buyers and sellers should be aware of the guideline value to understand the financial implications of their property dealings.

Frequently asked questions

What is the current guideline value of Loop 2nd Street?

The current guideline value of Loop 2nd 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 significantly from Rs 1,044 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, reflecting an overall increase of 685% over the years.

What are the stamp duty and registration fees for properties on Loop 2nd Street?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total stamp duty and registration fee would be Rs 7,38,000.

Which Sub Registrar Office covers Loop 2nd Street?

The Mylapore Sub Registrar Office covers Loop 2nd Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification of Loop 2nd Street?

Loop 2nd Street is classified as Residential Class IV Type - I, which determines its usage and guideline value.