Guideline Value for SRINGERI MADAM SALAI

Sringeri Madam Salai guideline value

The current guideline value of Sringeri Madam Salai is Rs 9,900 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 III Type - I.

How the guideline value of Sringeri Madam Salai has changed

The guideline value for Sringeri Madam Salai has seen significant changes over the years. Starting from Rs 1,322 per sq.ft in 2002, it rose to Rs 1,469 per sq.ft in 2003, marking an increase of 11%. The value continued to rise, reaching Rs 1,540 per sq.ft in 2007, which was a 5% increase from the previous year. However, there was a substantial jump to Rs 9,000 per sq.ft in 2012, reflecting a remarkable 484% increase. This figure remained unchanged until the next revision.

In 2017, the guideline value was revised to Rs 6,030 per sq.ft, a decrease of 33% from the 2012 figure. The value then increased to Rs 9,000 per sq.ft in 2023, showing a 49% rise. The most recent revision in 2024 set the guideline value at Rs 9,900 per sq.ft, which is a 10% increase from the previous year.

Guideline values in Mylapore

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 for these streets is Rs 8,800 per sq.ft, placing Sringeri Madam Salai's 2024 value above this median.

• Srinivasa Avenue: Rs 8,800 per sq.ft (2024)
• Srinivasa Avenue (May Flower Garden): Rs 8,800 per sq.ft (2024)
• Srilapthi Colony: Rs 8,800 per sq.ft (2024)
• Srilapathi Avenue: Rs 11,500 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 Sringeri Madam Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value amounts to Rs 99,00,000. The stamp duty at 7% would be Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, leading to a total of Rs 8,91,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sringeri Madam Salai?

The Sub Registrar Office that covers Sringeri Madam Salai is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. To find your SRO, visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. Buyers need to be aware of the current guideline value to ensure they are prepared for these expenses.

When a property is sold, the guideline value is compared to the sale price. The stamp duty is charged on the higher of the two amounts, ensuring that the government receives the appropriate revenue from property transactions. Understanding the guideline value is essential for both buyers and sellers in Mylapore.

Frequently asked questions

What is the current guideline value of Sringeri Madam Salai?

The current guideline value of Sringeri Madam Salai is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,322 per sq.ft in 2002 to Rs 9,900 per sq.ft in 2024, with various increases and decreases recorded in between.

What is the land classification for Sringeri Madam Salai?

Sringeri Madam Salai is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for property in Sringeri Madam Salai?

For a property valued at Rs 99,00,000, the stamp duty would be Rs 6,93,000 and the registration fee would be Rs 1,98,000, totaling Rs 8,91,000.

Which office handles property registrations for Sringeri Madam Salai?

The Mylapore Sub Registrar Office handles property registrations for Sringeri Madam Salai, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.