Guideline Value for SIVARAMAN STREET

Sivaraman Street guideline value

The current guideline value of Sivaraman Street is Rs 8,200 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 IV Type - I.

How the guideline value of Sivaraman Street has changed

The guideline value of Sivaraman Street has undergone several revisions over the years. In 2002, the value was Rs 1,042 per sq.ft, which increased to Rs 1,158 per sq.ft in 2003, marking an 11% rise. The value then saw a significant jump to Rs 1,540 per sq.ft in 2007, reflecting a 33% increase. The next revision in 2012 maintained the value at Rs 7,500 per sq.ft, and this figure remained unchanged until 2023.

In 2023, the guideline value was revised to Rs 7,500 per sq.ft, and in 2024, it increased by 9% to reach Rs 8,200 per sq.ft. Notably, there is no figure available for the year 2017 in the register for Sivaraman Street. Overall, from 2002 to 2024, the guideline value has increased by 687%.

Guideline values in Mylapore

In Mylapore village, 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 guideline value for these streets is Rs 8,800 per sq.ft, placing Sivaraman Street's 2024 figure below this median.

• Slettar Puram: Rs 3,300 per sq.ft (2024)
• Solaiyappan Street: Rs 8,200 per sq.ft (2024)
• Sonachala Mudali Street: Rs 7,100 per sq.ft (2024)
• Singara Naicken Street: Rs 8,200 per sq.ft (2024)
• Soorsa Makkan 1st & 11th Lane: Rs 3,300 per sq.ft (2024)
• South Canal Bank Road: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Sivaraman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value would be Rs 82,00,000. The stamp duty at 7% would amount to Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, bringing the total cost to Rs 7,38,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sivaraman Street?

Sivaraman Street 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 plays a crucial role in the registration process of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the state receives appropriate revenue through stamp duties and registration fees.

When buying or selling property, the guideline value is compared with the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, which are mandatory for completing the transaction legally.

Frequently asked questions

What is the current guideline value of Sivaraman Street?

The current guideline value of Sivaraman 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 from Rs 1,042 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, reflecting an overall increase of 687% over the years.

What is the land classification for Sivaraman Street?

Sivaraman Street is classified as Residential Class IV Type - I according to the land classification details.

Where can I find the Sub Registrar Office for Sivaraman Street?

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

How is stamp duty calculated for properties in Mylapore?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.