Guideline Value for MAYOR RAMANATHAN STREET

Mayor Ramanathan Street guideline value

The current guideline value of Mayor Ramanathan 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 Mayor Ramanathan Street has changed

The guideline value for Mayor Ramanathan Street has seen significant changes over the years. The earliest recorded figure is from 2002, where the value was Rs 663 per sq.ft. This increased to Rs 737 per sq.ft in 2003, marking an increase of 11%. The value further rose to Rs 1,540 per sq.ft in 2007, reflecting a substantial increase of 109%. In 2012, the value reached Rs 8,000 per sq.ft, which was a remarkable increase of 419% from the previous revision. However, this figure dropped to Rs 5,360 per sq.ft in 2017, showing a decrease of 33%.

From 2017 to 2023, the guideline value increased significantly to Rs 8,000 per sq.ft, representing a rise of 49%. The most recent revision in 2024 set the value at Rs 8,800 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1227%.

Guideline values in Mylapore

In Mylapore, 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. The median guideline value for these streets is Rs 8,800 per sq.ft, which is equal to the current value of Mayor Ramanathan Street.

• Mayandi Colony 4th Street: Rs 3,300 per sq.ft (2024)
• Mayandi Colony 3rd Street: Rs 3,300 per sq.ft (2024)
• Mayandi Colony 2nd Street: Rs 3,300 per sq.ft (2024)
• Mayandi Colony 1st Street: Rs 3,300 per sq.ft (2024)
• Mavadi Vinayagar Koil Street: Rs 7,100 per sq.ft (2024)
• Mathala Narayanan Street: Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in Mayor Ramanathan 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 amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000. Together, the total cost for these fees would be Rs 7,92,000. Please note that the 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 Mayor Ramanathan Street?

The Sub Registrar Office that covers Mayor Ramanathan 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 the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the transaction is recorded accurately and that the appropriate taxes are collected based on the guideline value.

When a buyer approaches the registration office, the guideline value is assessed to calculate the stamp duty and registration fees. These fees are mandatory and must be paid to complete the registration process. Therefore, understanding the guideline value is essential for both buyers and sellers in Mylapore.

Frequently asked questions

What is the current guideline value of Mayor Ramanathan Street?

The current guideline value of Mayor Ramanathan 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 significantly from Rs 663 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 1227% over this period.

What is the land classification for Mayor Ramanathan Street?

Mayor Ramanathan Street is classified as Residential Class III Type - III, indicating its designation for residential purposes.

Where can I find the Sub Registrar Office for Mayor Ramanathan Street?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, on a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 7,92,000.