Guideline Value for ROTARY NAGAR 7TH STREET/CROSS ST

Rotary Nagar 7th Street/Cross St guideline value

The current guideline value of Rotary Nagar 7th Street/Cross St is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class V Type - III.

How the guideline value of Rotary Nagar 7th Street/Cross St has changed

The guideline value for Rotary Nagar 7th Street/Cross St has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 3,000 per sq.ft, and the latest 2024 revision has further raised it to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, there was a significant increase of 49%. However, the value decreased by 33% from the 2012 revision to the 2017 revision. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, indicating that the guideline value for Rotary Nagar 7th Street/Cross St is below this median.

• Rotary Nagar 6th Street/Cross St: Rs 3,300 per sq.ft (2024)
• Rotary Nagar 8th Street/Cross St: Rs 3,300 per sq.ft (2024)
• Rotary Nagar 5th Street/Cross St: Rs 3,300 per sq.ft (2024)
• Rotary Nagar 9th Street/Cross St: Rs 3,300 per sq.ft (2024)
• Rotary Nagar 4th Street/Cross St: Rs 3,300 per sq.ft (2024)
• Rotary Nagar Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Rotary Nagar 7th Street/Cross St

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to 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 and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rotary Nagar 7th Street/Cross St?

The Rotary Nagar 7th Street/Cross St is covered by 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 in the registration process of property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Rotary Nagar 7th Street/Cross St?

The current guideline value of Rotary Nagar 7th Street/Cross St 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 from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012.

What is the land classification for Rotary Nagar 7th Street/Cross St?

The land classification for Rotary Nagar 7th Street/Cross St is Residential Class V Type - III, indicating its designation for residential purposes.

Where can I find the registration office for Rotary Nagar 7th Street/Cross St?

The registration office covering Rotary Nagar 7th Street/Cross St is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is the stamp duty calculated for properties in Rotary Nagar 7th Street/Cross St?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.