Guideline Value for SARADHAPURAM 2ND STREET

Saradhapuram 2nd Street guideline value

The current guideline value of Saradhapuram 2nd Street is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore Sub Registrar Office (SRO). The land classification for this area is Residential Class IV Type - I.

How the guideline value of Saradhapuram 2nd Street has changed

Over the years, the guideline value of Saradhapuram 2nd Street has seen significant changes. The register shows that in 2002, the guideline value was Rs 959 per sq.ft. It increased to Rs 1,066 per sq.ft in 2003, marking an 11% rise. The value then rose to Rs 1,540 per sq.ft in 2007, which was a 44% increase. Following this, the value surged to Rs 7,500 per sq.ft in 2012, reflecting a remarkable growth of 387%. However, it dropped to Rs 5,025 per sq.ft in 2017, a decrease of 33%. The value then increased to Rs 7,500 per sq.ft in 2023, and finally to Rs 8,200 per sq.ft in 2024, which is a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 755%. There are no figures available for the revisions in years other than those listed.

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. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Saradhapuram 2nd Street's 2024 figure below that median.

• Saradhapuram 1st Street: Rs 8,200 per sq.ft (2024)
• Saradhapuram (Canal Road) (Venkatesa Agraharam): Rs 8,200 per sq.ft (2024)
• Saradhapuram Main Road: Rs 8,200 per sq.ft (2024)
• SANTHOME HIGH ROAD (Trust Cross Street, Leeth Castle Road to Kamarajar Salai): Rs 22,000 per sq.ft (2024)
• SANTHOME HIGH ROAD (Greenways Road to Trust Cross Street and Leeth Castle): Rs 22,000 per sq.ft (2024)
• Sanjeevi Street Thalaiyari Street: Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in Saradhapuram 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value amounts to Rs 82,00,000. The stamp duty is charged at 7%, resulting in Rs 5,74,000, while the registration fee is 2%, totaling Rs 1,64,000. Together, the total fees would be Rs 7,38,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saradhapuram 2nd Street?

The Sub Registrar Office that covers Saradhapuram 2nd 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 details.

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

When buying or selling property in Mylapore, the guideline value plays a crucial role during the registration process. It is used to determine the stamp duty and registration fees that must be paid, ensuring that the transaction is officially recorded and compliant with local regulations.

The guideline value serves as a reference point for property transactions, helping to standardize the valuation process. Buyers and sellers should be aware of the current guideline value to ensure accurate financial planning during property transactions.

Frequently asked questions

What is the current guideline value of Saradhapuram 2nd Street?

The current guideline value of Saradhapuram 2nd Street is Rs 8,200 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 959 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, reflecting an overall increase of 755% over this period.

What is the land classification for Saradhapuram 2nd Street?

Saradhapuram 2nd Street is classified as Residential Class IV Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for this area?

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

How is stamp duty calculated for properties in Saradhapuram 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 82,00,000, the stamp duty would be Rs 5,74,000 at a rate of 7%.