Guideline Value for SOUTH KESAVAPERUMALPURAM 3RD STREET

South Kesavaperumalpuram 3rd Street guideline value

The current guideline value of South Kesavaperumalpuram 3rd Street is Rs 8,800 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 III Type - III.

How the guideline value of South Kesavaperumalpuram 3rd Street has changed

The guideline value for South Kesavaperumalpuram 3rd Street has seen several revisions over the years. In 2002, the value was Rs 1,648 per sq.ft, which increased to Rs 1,831 per sq.ft in 2003, marking an 11% rise. By 2007, the value jumped significantly to Rs 1,950 per sq.ft, reflecting a 6% increase. The value then surged to Rs 8,000 per sq.ft in 2012, a remarkable 310% increase. However, it decreased to Rs 5,360 per sq.ft in 2017, showing a decline of 33%. The value rose again to Rs 8,000 per sq.ft in 2023, and finally, it reached the current figure of Rs 8,800 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 434%. The register has no figure for the years not mentioned in the revisions.

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 value is Rs 8,800 per sq.ft, and South Kesavaperumalpuram 3rd Street's 2024 figure aligns with this median.

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

Stamp duty and registration fee for property in South Kesavaperumalpuram 3rd Street

For a 1,000 sq.ft plot at the current rate of Rs 8,800 per sq.ft, the guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, totaling Rs 7,92,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers South Kesavaperumalpuram 3rd Street?

The Sub Registrar Office that covers South Kesavaperumalpuram 3rd 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 determines the minimum value at which properties must be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial implications of the transaction, as the duty is charged based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of South Kesavaperumalpuram 3rd Street?

The current guideline value of South Kesavaperumalpuram 3rd Street is Rs 8,800 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 1,648 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 434%.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000, and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Which office handles registrations for South Kesavaperumalpuram 3rd Street?

The Mylapore Sub Registrar Office handles registrations for South Kesavaperumalpuram 3rd Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the significance of the guideline value in property transactions?

The guideline value is essential for determining the minimum registration value of properties, which affects the stamp duty and registration fees. It ensures compliance with legal requirements during property transactions.