Guideline Value for SRINIVASAPURAM 2ND MAIN ROAD

Srinivasapuram 2nd Main Road guideline value

The current guideline value of Srinivasapuram 2nd Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This road is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class V Type - III.

How the guideline value of Srinivasapuram 2nd Main Road has changed

The guideline value for Srinivasapuram 2nd Main Road has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, followed by a further rise to Rs 3,300 per sq.ft in the 2024 revision. This marks a 10% increase from the previous year and a 49% increase from 2017.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, 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 value for these streets is Rs 8,800 per sq.ft, placing the 2024 guideline value of Srinivasapuram 2nd Main Road below this median.

• Srinivasapuram 1st Street: Rs 3,300 per sq.ft (2024)
• Srinivasapuram 2nd Street: Rs 3,300 per sq.ft (2024)
• Srinivasapuram 1st Main Road: 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 2nd 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 is calculated at 7%, resulting in Rs 2,31,000, while the registration fee at 2% is Rs 66,000. Together, the total cost for stamp duty and registration fee is Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Srinivasapuram 2nd Main Road?

The Sub Registrar Office that covers Srinivasapuram 2nd 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 details.

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

The guideline value is a crucial factor when buying or selling property in Mylapore. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value is compared against the sale price, and the higher amount is used to determine the applicable duties and fees. This ensures transparency and compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value of Srinivasapuram 2nd Main Road?

The current guideline value of Srinivasapuram 2nd 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 changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. It was Rs 2,010 per sq.ft in 2017, which shows a 49% increase to the 2023 value.

What is the land classification for Srinivasapuram 2nd Main Road?

Srinivasapuram 2nd Main Road is classified as Residential Class V Type - III, which indicates 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 Mylapore?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.