Guideline Value for Miyan Saheb Street

Miyan Saheb Street guideline value

The current guideline value of Miyan Saheb Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village, under the Triplicane SRO, and is classified as Residential Class I Type - I.

How the guideline value of Miyan Saheb Street has changed

The guideline value for Miyan Saheb Street has undergone several revisions over the years. The figures are as follows: in 2007, the guideline value was Rs 945 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012. However, it dropped to Rs 4,020 per sq.ft in 2017. The next revision in 2023 saw it rise to Rs 6,000 per sq.ft, and the most recent revision in 2024 has set it at Rs 6,600 per sq.ft. The register has no figures for the years 2002 and 2003.

In terms of changes, from 2007 to 2012, there was a remarkable increase of 535%. However, the value decreased by 33% from 2012 to 2017. From 2017 to 2023, the value increased by 49%, and the latest revision from 2023 to 2024 reflects a 10% increase. Overall, from 2007 to 2024, the guideline value has increased by 598%.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that carry a 2024 guideline value ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median value among these streets is Rs 6,600 per sq.ft, which is the same as the current guideline value for Miyan Saheb Street.

• Miyan Saheb 2nd Street: Rs 6,600 per sq.ft (2024)
• Miyan Saheb 1st Street: Rs 6,600 per sq.ft (2024)
• Mirza Hyder Ali Khan Street: Rs 6,600 per sq.ft (2024)
• Mirza Ghulam Hussain Street: Rs 6,600 per sq.ft (2024)
• Mirza Ghulam Ali Khan Street: Rs 6,600 per sq.ft (2024)
• Mirza Egan Ali Khan Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Miyan Saheb Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations based on your property details.

Which Sub Registrar Office covers Miyan Saheb Street?

The Sub Registrar Office that covers Miyan Saheb Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Triplicane. It serves as a benchmark for determining the minimum price at which a property can be sold or registered. When a buyer and seller agree on a sale price, the higher of the guideline value or the agreed sale price is used to calculate the applicable stamp duty and registration fees.

This ensures that the government receives the correct revenue from property transactions. Buyers should be aware that the guideline value may vary from street to street, impacting the overall cost of property transactions in different areas of Triplicane.

Frequently asked questions

What is the current guideline value of Miyan Saheb Street?

The current guideline value of Miyan Saheb Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 945 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 598% over this period.

What is the land classification for Miyan Saheb Street?

Miyan Saheb Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Miyan Saheb Street?

The Sub Registrar Office for Miyan Saheb Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. For example, for a plot valued at Rs 66,00,000, the total fees would amount to Rs 5,94,000.