Guideline Value for LOOP ROAD (GOVT.QUARTERS)

Loop Road (Govt.Quarters) guideline value

The current guideline value of Loop Road (Govt.Quarters) 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 Road (Govt.Quarters) has changed

The guideline value for Loop Road (Govt.Quarters) has seen several revisions over the years. In 2002, the value was Rs 1,044 per sq.ft. This increased to Rs 1,160 per sq.ft in 2003, followed by a rise to Rs 1,540 per sq.ft in 2007. The value then jumped significantly to Rs 7,500 per sq.ft in 2012, before dropping to Rs 5,025 per sq.ft in 2017. The value was Rs 7,500 per sq.ft again in 2023, and has now reached Rs 8,200 per sq.ft in 2024.

Between the revisions, there have been notable changes. From 2002 to 2003, the increase was +11%. The value rose by +33% from 2003 to 2007, followed by a remarkable +387% increase from 2007 to 2012. However, from 2012 to 2017, there was a decline of -33%. The value then increased by +49% from 2017 to 2023, and finally saw a +9% rise from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +685%.

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. The guideline value for Loop Road (Govt.Quarters) is below this median.

• Loop 2nd Street: Rs 8,200 per sq.ft (2024)
• Loop 1st Street: 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 Road (Govt.Quarters)

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value amounts to Rs 82,00,000. The stamp duty at 7% would be Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, bringing the total to Rs 7,38,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Loop Road (Govt.Quarters)?

The Sub Registrar Office that covers Loop Road (Govt.Quarters) 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 further assistance.

How the guideline value is used when you buy or sell in Mylapore

The guideline value is a crucial factor in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the higher amount between the guideline value and the sale price is considered for calculating the applicable duties. This ensures that the government receives the appropriate revenue based on the property's value as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Loop Road (Govt.Quarters)?

The current guideline value of Loop Road (Govt.Quarters) 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 multiple times, starting from Rs 1,044 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, reflecting various increases and decreases in value over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 82,00,000, the stamp duty would be Rs 5,74,000 and the registration fee would be Rs 1,64,000, totaling Rs 7,38,000.

Where is the Sub Registrar Office for Loop Road (Govt.Quarters)?

The Sub Registrar Office for Loop Road (Govt.Quarters) is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What is the land classification for Loop Road (Govt.Quarters)?

The land classification for Loop Road (Govt.Quarters) is Residential Class IV Type - I, indicating its designation for residential use.