Guideline Value for ROYAPETTAH 1ST STREET

Royapettah 1st Street guideline value

The current guideline value of Royapettah 1st Street is Rs 9,900 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 III Type - I.

How the guideline value of Royapettah 1st Street has changed

The guideline value for Royapettah 1st Street has seen several revisions over the years. In 2007, the guideline value was Rs 1,540 per sq.ft, which increased significantly to Rs 9,000 per sq.ft in 2012. However, it then decreased to Rs 6,030 per sq.ft in 2017. The value rose again to Rs 9,000 per sq.ft in 2023, and currently stands at Rs 9,900 per sq.ft as of the 2024 revision.

From the 2017 revision to 2023, there was a notable increase of 49%. The 2023 to 2024 revision reflects a 10% increase. Overall, from the 2007 revision to the current 2024 figure, there has been an impressive increase of 543%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, placing Royapettah 1st Street's 2024 figure above this median.

• Royapettah 2nd Street: Rs 9,900 per sq.ft (2024)
• Royapettah 3rd Street: Rs 9,900 per sq.ft (2024)
• ROYAPETTAH HIGH ROAD (From Luz Corner to Beemasena Garden st): Rs 15,400 per sq.ft (2024)
• Rotary Nagar Main Road: Rs 3,300 per sq.ft (2024)
• Rotary Nagar 9th Street/Cross St: Rs 3,300 per sq.ft (2024)
• Rotary Nagar 8th Street/Cross St: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Royapettah 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value amounts to Rs 99,00,000. The stamp duty at 7% would be Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, resulting in a total of Rs 8,91,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Royapettah 1st Street?

The Sub Registrar Office that covers Royapettah 1st 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 factor in property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers need to be aware of the guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of Royapettah 1st Street?

The current guideline value of Royapettah 1st Street is Rs 9,900 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,540 per sq.ft in 2007 to Rs 9,900 per sq.ft in 2024, reflecting an overall increase of 543%.

What is the stamp duty rate for properties in Royapettah 1st Street?

The stamp duty rate for properties in Royapettah 1st Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Royapettah 1st Street?

The Sub Registrar Office for Royapettah 1st Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What are the guideline values for other streets in Mylapore?

Other streets in Mylapore have varying guideline values, with Royapettah 2nd Street and Royapettah 3rd Street both at Rs 9,900 per sq.ft, while Royapettah High Road is at Rs 15,400 per sq.ft.