Guideline Value for SCHOOL ROAD

School Road guideline value

The current guideline value of School Road, located in Mylapore village under the Mylapore SRO, is Rs 9,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - II land classification.

How the guideline value of School Road has changed

The guideline value for School Road has seen several revisions over the years. The 2012 revision set the value at Rs 8,500 per sq.ft, which was then reduced to Rs 5,695 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 8,500 per sq.ft in the 2023 revision and finally rose to Rs 9,300 per sq.ft in the 2024 revision. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023, followed by a further increase of 9% from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 9%.

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 School Road's 2024 figure above this median.

• School View Road: Rs 9,300 per sq.ft (2024)
• Sathyavani Muthu Nagar (Tnscb): Rs 3,300 per sq.ft (2024)
• Sathiyanarayana Avenue: Rs 25,300 per sq.ft (2024)
• Sathiyadevi Avenue Extension: Rs 17,600 per sq.ft (2024)
• Sathiyadevi Avenue: Rs 22,000 per sq.ft (2024)
• Sathiavani Muthu Nagar: Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in School Road

For a 1,000 sq.ft plot at the current guideline value of Rs 9,300 per sq.ft, the total guideline value amounts to Rs 93,00,000. The stamp duty at 7% would be Rs 6,51,000, while the registration fee at 2% would be Rs 1,86,000. Together, the total cost would be Rs 8,37,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers School Road?

The Sub Registrar Office that covers School Road is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor in property transactions in Mylapore, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that both parties are aware of the financial implications of the transaction.

It is essential for buyers and sellers to be aware of the current guideline value, as it can influence the negotiation process. Understanding the guideline value helps in making informed decisions during property transactions, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of School Road?

The current guideline value of School Road is Rs 9,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for School Road has changed from Rs 8,500 per sq.ft in 2012 to Rs 5,695 per sq.ft in 2017, then to Rs 8,500 per sq.ft in 2023, and finally to Rs 9,300 per sq.ft in 2024.

What is the land classification of School Road?

School Road is classified under Residential Class III Type - II land classification.

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 stamp duty calculated for properties in School Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 93,00,000, the stamp duty would be Rs 6,51,000 at a rate of 7%.