Guideline Value for SRILAPTHI COLONY

Srilapthi Colony guideline value

The current guideline value of Srilapthi Colony is Rs 8,800 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village under the Mylapore SRO, classified as Residential Class III Type - III.

How the guideline value of Srilapthi Colony has changed

The guideline value for Srilapthi Colony has undergone several revisions over the years. The 2012 revision set the value at Rs 8,000 per sq.ft, which remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 8,800 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Mylapore

As of 2024, Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, which is equal to the current guideline value of Srilapthi Colony.

• Srilapathi Avenue: Rs 11,500 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 Srilapthi Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, totaling Rs 7,92,000. Please note that duty is charged on the higher of the guideline value or the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Srilapthi Colony?

The Srilapthi Colony falls under the jurisdiction of 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 crucial factor when registering a property in Mylapore. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. This value is used to calculate the applicable stamp duty and registration fees, which are essential components of the property transaction process.

Frequently asked questions

What is the current guideline value of Srilapthi Colony?

The current guideline value of Srilapthi Colony 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 remained at Rs 8,000 per sq.ft from the 2012 revision until the 2023 revision. In the 2024 revision, it increased to Rs 8,800 per sq.ft, marking a 10% increase from the previous year.

What is the classification of land in Srilapthi Colony?

Srilapthi Colony is classified as Residential Class III Type - III, indicating its designation for residential use.

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 stamp duty calculated for properties in Srilapthi Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 88,00,000 would incur a stamp duty of Rs 6,16,000 at a rate of 7%.