Guideline Value for Mylai Ramamurthy Street

Mylai Ramamurthy Street guideline value

The current guideline value of Mylai Ramamurthy Street is Rs 950 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village, under the Selaiyur SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Mylai Ramamurthy Street has changed

The guideline value for Mylai Ramamurthy Street has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 900 per sq.ft. This was followed by a decrease to Rs 603 per sq.ft in 2017. The 2023 revision saw an increase to Rs 900 per sq.ft, and the most recent revision in 2024 has set the value at Rs 950 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%. However, from 2012 to 2017, there was a decline of 33%. Overall, the guideline value has increased by 6% from 2012 to 2024. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft, with a median value of Rs 2,200 per sq.ft. Mylai Ramamurthy Street's 2024 figure is below this median.

• Nakkeeran Street: Rs 2,700 per sq.ft (2024)
• Navaneetham Nagar: Rs 1,700 per sq.ft (2024)
• Navaneetham Nagar 1st Street: Rs 1,700 per sq.ft (2024)
• Navaneetham Nagar 2nd Street: Rs 1,700 per sq.ft (2024)
• Navaneetham Nagar 3rd Street: Rs 1,700 per sq.ft (2024)
• Navaneetham Nagar 4th Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Mylai Ramamurthy Street

For a 1,000 sq.ft plot at the current rate of Rs 950 per sq.ft, the guideline value would be Rs 9,50,000. The stamp duty at 7% would be Rs 66,500, and the registration fee at 2% would be Rs 19,000, totaling Rs 85,500. It is important to note that the 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 Mylai Ramamurthy Street?

The Sub Registrar Office that covers Mylai Ramamurthy Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is used as a benchmark for property transactions in Chembakkam. It is essential for calculating the stamp duty and registration fees during the sale or purchase of property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value helps determine the official value of the property for taxation purposes. This ensures that the government receives the appropriate revenue based on the property’s assessed value.

Frequently asked questions

What is the current guideline value of Mylai Ramamurthy Street?

The current guideline value of Mylai Ramamurthy Street is Rs 950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then back to Rs 900 per sq.ft in 2023, and finally to Rs 950 per sq.ft in 2024.

What is the land classification for Mylai Ramamurthy Street?

Mylai Ramamurthy Street is classified as Residential Class IV Type - I.

What are the stamp duty rates for properties in Mylai Ramamurthy Street?

The stamp duty rate for properties in Mylai Ramamurthy Street is 7% of the guideline value or the sale price, whichever is higher.

Which office handles property registration for Mylai Ramamurthy Street?

The Selaiyur Sub Registrar Office handles property registration for Mylai Ramamurthy Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.