Guideline Value for SRINIVASAPURAM 1ST MAIN ROAD

Srinivasapuram 1st Main Road guideline value

The current guideline value of Srinivasapuram 1st Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This road is located in Mylapore village, falling under the jurisdiction of the Mylapore SRO. The land classification for this area is Residential Class V Type - III.

How the guideline value of Srinivasapuram 1st Main Road has changed

Looking at the revisions, the guideline value for Srinivasapuram 1st Main Road has seen significant changes over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which remained unchanged until the 2023 revision. In 2023, the value was again Rs 3,000 per sq.ft, but it increased to Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

There are no figures available for the revisions in the years 2002, 2003, 2007, and 2017. Overall, from the 2012 revision to the 2024 revision, 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. The median guideline value for these streets is Rs 8,800 per sq.ft, placing the guideline value of Srinivasapuram 1st Main Road below this median.

• 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)
• Srinivasapuram (Hut Area): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasapuram 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Srinivasapuram 1st Main Road?

The Sub Registrar Office that covers Srinivasapuram 1st Main Road 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 an essential factor when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value of the property for registration purposes. This value is used to calculate the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value ensures that the transaction reflects a fair value, preventing undervaluation. Buyers and sellers should be aware of the guideline value to understand the costs involved in the registration process effectively.

Frequently asked questions

What is the current guideline value of Srinivasapuram 1st Main Road?

The current guideline value of Srinivasapuram 1st Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 3,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024, marking a 10% increase overall. There were no figures available for the years 2002, 2003, 2007, and 2017.

What are the stamp duty and registration fees for properties on this road?

For a property valued at Rs 33,00,000, the stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000 in fees.

Which office handles the registration of properties in Mylapore?

The Mylapore Sub Registrar Office handles the registration of properties in Mylapore, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the significance of the guideline value when buying property?

The guideline value is crucial as it determines the minimum value for property transactions and is used to calculate stamp duty and registration fees. It ensures that properties are not undervalued during registration.