Guideline Value for MUSURI SUBRAMANIYAM ROAD (OLIVER ROAD)

Musuri Subramaniyam Road (Oliver Road) guideline value

The current guideline value of Musuri Subramaniyam Road (Oliver Road) is Rs 16,500 per sq.ft, effective from 1 July 2024. This road is located in Mylapore village under the Mylapore SRO, classified as Residential Class I Type - I.

How the guideline value of Musuri Subramaniyam Road (Oliver Road) has changed

The guideline value for Musuri Subramaniyam Road (Oliver Road) has seen several revisions over the years. In 2012, the guideline value was Rs 15,000 per sq.ft, which decreased to Rs 10,050 per sq.ft in 2017. Following this, the value increased significantly to Rs 15,000 per sq.ft in 2023, and then rose again to Rs 16,500 per sq.ft in the 2024 revision. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a substantial increase of 49%. The most recent change from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 10% from 2012 to 2024.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value is Rs 8,800 per sq.ft, placing Musuri Subramaniyam Road (Oliver Road) above this median with its current guideline value of Rs 16,500 per sq.ft.

• Musthura Begum Street (Pettai): Rs 8,800 per sq.ft (2024)
• Musthura Begum 2nd Street: Rs 8,800 per sq.ft (2024)
• Murugappa Mudali Street: Rs 4,900 per sq.ft (2024)
• Munusamy Street: Rs 3,300 per sq.ft (2024)
• Munusamy Nagar: Rs 3,300 per sq.ft (2024)
• Mundakkanni Amman Koil Street: Rs 12,100 per sq.ft (2024)

Stamp duty and registration fee for property in Musuri Subramaniyam Road (Oliver Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 16,500 per sq.ft, the total guideline value would be Rs 1,65,00,000. The stamp duty at 7% would amount to Rs 11,55,000, and the registration fee at 2% would be Rs 3,30,000, bringing the total to Rs 14,85,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Musuri Subramaniyam Road (Oliver Road)?

The Sub Registrar Office that covers Musuri Subramaniyam Road (Oliver Road) 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 crucial factor during the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Musuri Subramaniyam Road (Oliver Road)?

The current guideline value of Musuri Subramaniyam Road (Oliver Road) is Rs 16,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 15,000 per sq.ft in 2012 to Rs 10,050 per sq.ft in 2017, then to Rs 15,000 per sq.ft in 2023, and finally to Rs 16,500 per sq.ft in 2024.

What is the land classification for Musuri Subramaniyam Road (Oliver Road)?

Musuri Subramaniyam Road (Oliver Road) is classified as Residential Class I Type - I.

What are the stamp duty and registration fees for properties on this road?

For a 1,000 sq.ft plot, the total guideline value is Rs 1,65,00,000, with a stamp duty of Rs 11,55,000 and a registration fee of Rs 3,30,000, totaling Rs 14,85,000.

Which office handles registrations for Musuri Subramaniyam Road (Oliver Road)?

The Mylapore Sub Registrar Office handles registrations for Musuri Subramaniyam Road (Oliver Road), located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.