Guideline Value for ROTARY NAGAR 18TH STREET

Rotary Nagar 18th Street guideline value

The current guideline value of Rotary Nagar 18th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and falls under the Residential Class V Type - III land classification.

How the guideline value of Rotary Nagar 18th Street has changed

Since 2002, the guideline value of Rotary Nagar 18th Street has undergone several revisions. In 2002, the guideline value was Rs 612 per sq.ft, which increased to Rs 680 per sq.ft in 2003, marking an increase of 11%. The value saw a further rise of 32% to reach Rs 900 per sq.ft in 2007. The 2012 revision recorded a significant increase of 233%, bringing the value to Rs 3,000 per sq.ft. However, in 2017, the value dropped by 33% to Rs 2,010 per sq.ft. The next revision in 2023 saw a 49% increase, bringing it back up to Rs 3,000 per sq.ft, and the current value as of 2024 is Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years not mentioned in the revisions for this street. Overall, from 2002 to 2024, the guideline value has increased by 439%.

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, with the median value being Rs 8,800 per sq.ft. The guideline value of Rotary Nagar 18th Street is below this median.

• Rotary Nagar 17th Street/Cross St: Rs 3,300 per sq.ft (2024)
• Rotary Nagar 1st Street/Cross St: Rs 3,300 per sq.ft (2024)
• Rotary Nagar 10th To 16th Street/Cross St: Rs 3,300 per sq.ft (2024)
• Rotary Nagar 2nd Street/Cross St: Rs 3,300 per sq.ft (2024)
• Rotary Nagar 3rd Street/Cross St: Rs 3,300 per sq.ft (2024)
• Rotary Nagar 4th Street/Cross St: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Rotary Nagar 18th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 further calculations.

Which Sub Registrar Office covers Rotary Nagar 18th Street?

The Sub Registrar Office covering Rotary Nagar 18th 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 is a crucial figure used during the registration of property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the buyer must pay the stamp duty based on the higher value between the guideline value and the actual sale price. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Rotary Nagar 18th Street?

The current guideline value of Rotary Nagar 18th Street is Rs 3,300 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 612 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 439% over this period.

What is the stamp duty rate for property in Rotary Nagar 18th Street?

The stamp duty rate for property transactions in Rotary Nagar 18th Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Mylapore Sub Registrar Office located?

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

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. The duty is charged based on the higher value between the guideline value and the actual sale price.