Guideline Value for SRINIVASA AVENUE

Srinivasa Avenue guideline value

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

How the guideline value of Srinivasa Avenue has changed

The guideline value for Srinivasa Avenue has seen several revisions over the years. In 2002, the value was Rs 1,214 per sq.ft. This increased to Rs 1,340 per sq.ft in 2003, marking a 10% rise. The value then rose to Rs 1,540 per sq.ft in 2007, an increase of 15%. A significant jump occurred in 2012 when the value was revised to Rs 8,000 per sq.ft, representing a 419% increase from the previous figure. However, in 2017, the value decreased to Rs 5,360 per sq.ft, reflecting a decline of 33%.

In the subsequent revisions, the guideline value increased again, reaching Rs 8,000 per sq.ft in 2023, which was a 49% rise from the 2017 figure. The latest revision in 2024 set the value at Rs 8,800 per sq.ft, a 10% increase from the previous year. There are no figures for the years between these revisions for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value is Rs 8,800 per sq.ft, which is the same as the current value for Srinivasa Avenue.

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

Stamp duty and registration fee for property in Srinivasa Avenue

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. Together, the total cost for these fees would be Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Srinivasa Avenue?

The Sub Registrar Office that covers Srinivasa 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 details.

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

The guideline value is a crucial factor during property transactions in Mylapore. It serves as a reference for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration norms.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations associated with the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of Srinivasa Avenue?

The current guideline value of Srinivasa Avenue 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 1,214 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, showing an overall increase of 625% over the years.

What are the stamp duty and registration fees for property in Srinivasa Avenue?

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 Sub Registrar Office covers Srinivasa Avenue?

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

What is the land classification of Srinivasa Avenue?

Srinivasa Avenue is classified as Residential Class III Type - III under the Mylapore SRO.