Guideline Value for SRILAPATHI AVENUE

Srilapathi Avenue guideline value

The current guideline value of Srilapathi Avenue is Rs 11,500 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 II Type - III.

How the guideline value of Srilapathi Avenue has changed

The guideline value for Srilapathi Avenue has undergone several revisions over the years. The earliest available figure is from 2012, which was Rs 10,500 per sq.ft. This figure was then revised to Rs 7,035 per sq.ft in 2017, marking a decrease of 33%. Following that, in 2023, the value increased to Rs 10,500 per sq.ft, and finally, the most recent revision in 2024 set the value at Rs 11,500 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

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 as of 2024. The median guideline value in this area is Rs 8,800 per sq.ft, placing Srilapathi Avenue's 2024 figure above that median.

• Srilapthi Colony: Rs 8,800 per sq.ft (2024)
• Sringeri Madam Salai: Rs 9,900 per sq.ft (2024)
• Srinivasa Avenue: Rs 8,800 per sq.ft (2024)
• Srinivasa Avenue (May Flower Garden): Rs 8,800 per sq.ft (2024)
• Srinivasan Street: Rs 8,800 per sq.ft (2024)
• Srinivasapuram 1st Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Srilapathi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value amounts to Rs 1,15,00,000. The stamp duty, charged at 7%, would be Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, bringing the total to Rs 10,35,000. It is important to note that 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 Srilapathi Avenue?

The Sub Registrar Office that covers Srilapathi Avenue 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 critical factor in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees, which are essential components of the property transaction process.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that the transaction is in compliance with local regulations. Buyers and sellers should be aware of these values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Srilapathi Avenue?

The current guideline value of Srilapathi Avenue is Rs 11,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 10,500 per sq.ft in 2012 to Rs 7,035 per sq.ft in 2017, then to Rs 10,500 per sq.ft in 2023, and finally to Rs 11,500 per sq.ft in 2024.

What is the land classification of Srilapathi Avenue?

Srilapathi Avenue is classified as Residential Class II Type - III under the local regulations.

What are the stamp duty and registration fees for properties in Srilapathi Avenue?

The stamp duty for properties in Srilapathi Avenue is charged at 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Srilapathi Avenue located?

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