Guideline Value for SOUTH CANAL BANK ROAD 2ND STREET

South Canal Bank Road 2nd Street guideline value

The current guideline value of South Canal Bank Road 2nd Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class V Type - II.

How the guideline value of South Canal Bank Road 2nd Street has changed

Looking at the revisions, the guideline value for South Canal Bank Road 2nd Street has seen several changes over the years. In 2012, the value was Rs 4,500 per sq.ft, which then decreased to Rs 3,015 per sq.ft in 2017. Following this, the value increased significantly to Rs 4,500 per sq.ft in 2023, and then further rose to the current value of Rs 4,900 per sq.ft in 2024.

The changes between these revisions are notable. From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The most recent change from 2023 to 2024 reflects a 9% increase. 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 have a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value of South Canal Bank Road 2nd Street is below this median.

• South Canal Bank Road: Rs 7,100 per sq.ft (2024)
• South Kesavaperumalpuram 1st Cross Street: Rs 8,800 per sq.ft (2024)
• South Kesavaperumalpuram 1st Street: Rs 8,800 per sq.ft (2024)
• South Kesavaperumalpuram 2nd Cross Street: Rs 8,800 per sq.ft (2024)
• South Kesavaperumalpuram 2nd Street: Rs 8,800 per sq.ft (2024)
• South Kesavaperumalpuram 3rd Cross Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in South Canal Bank Road 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, leading to a total of Rs 4,41,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more personalized calculations.

Which Sub Registrar Office covers South Canal Bank Road 2nd Street?

The Sub Registrar Office that covers South Canal Bank Road 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 information.

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

The guideline value is an important factor in property transactions in Mylapore. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must consider the guideline value when negotiating the sale price of a property.

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value of South Canal Bank Road 2nd Street?

The current guideline value of South Canal Bank Road 2nd Street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,500 per sq.ft in 2012 to Rs 3,015 per sq.ft in 2017, then increased to Rs 4,500 per sq.ft in 2023, and finally to Rs 4,900 per sq.ft in 2024.

What is the land classification for South Canal Bank Road 2nd Street?

South Canal Bank Road 2nd Street is classified as Residential Class V Type - II.

Where can I find the Mylapore Sub Registrar Office?

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

How is the 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. For example, for a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 at 7%.