Guideline Value for SRINIVASAN STREET

Srinivasan Street guideline value

The current guideline value of Srinivasan Street 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 Srinivasan Street has changed

The guideline value for Srinivasan Street has seen several revisions over the years. In 2002, the guideline value was Rs 1,418 per sq.ft. It increased to Rs 1,575 per sq.ft in 2003, marking an 11% rise. The value then rose to Rs 1,750 per sq.ft in 2007, a further increase of 11%. A significant jump occurred in 2012, where the value reached Rs 8,000 per sq.ft, reflecting a 357% increase from the previous revision. However, it dropped to Rs 5,360 per sq.ft in 2017, a decrease of 33%.

From 2017 to 2023, the value increased substantially to Rs 8,000 per sq.ft, which is a 49% rise. The most recent revision in 2024 set the guideline value at Rs 8,800 per sq.ft, marking a 10% increase from the previous year. There are no figures available for the revisions in years other than those listed.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with the 2024 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, which is equal to the current guideline value of Srinivasan Street.

• Srinivasapuram 1st Main Road: Rs 3,300 per sq.ft (2024)
• Srinivasapuram 1st Street: Rs 3,300 per sq.ft (2024)
• Srinivasapuram 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Srinivasapuram 2nd Street: Rs 3,300 per sq.ft (2024)
• Srinivasapuram 3rd Street: Rs 3,300 per sq.ft (2024)
• Srinivasapuram 4th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total 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, making the total cost for these fees 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Srinivasan Street?

The Sub Registrar Office that covers Srinivasan 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 further assistance.

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 applicable to the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Srinivasan Street?

The current guideline value of Srinivasan 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 for Srinivasan Street has increased from Rs 1,418 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting a total increase of 521% over the years.

What is the stamp duty for a property on Srinivasan Street?

The stamp duty for a property on Srinivasan Street is 7% of the guideline value or sale price, whichever is higher. For example, on a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 6,16,000.

Where is the Mylapore Sub Registrar Office located?

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

What types of properties are classified under Residential Class III Type - III?

Properties classified under Residential Class III Type - III typically include residential plots and buildings that fall within this classification in the Mylapore area.