Guideline Value for SRINIVASAPURAM 3RD STREET

Srinivasapuram 3rd Street guideline value

The current guideline value of Srinivasapuram 3rd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO with a land classification of Residential Class V Type - III.

How the guideline value of Srinivasapuram 3rd Street has changed

The guideline value for Srinivasapuram 3rd Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in the 2017 revision, marking a decline of 33%. However, the value rebounded significantly to Rs 3,000 per sq.ft in the 2023 revision, and further increased by 10% to reach Rs 3,300 per sq.ft in the 2024 revision.

Between the 2017 and 2023 revisions, there was a notable increase of 49%. Overall, from the 2012 revision to the current 2024 revision, the guideline value has increased by 10%. It is important to note that the register has no figure for this street in the years 2002, 2003, and 2007.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with a 2024 guideline value 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, indicating that the 2024 figure for Srinivasapuram 3rd Street is below this median.

• Srinivasapuram 4th Street: Rs 3,300 per sq.ft (2024)
• Srinivasapuram (Hut Area): Rs 3,300 per sq.ft (2024)
• Srinivasapuram 2nd Street: Rs 3,300 per sq.ft (2024)
• Srinivasa Rao Road/Street: Rs 8,200 per sq.ft (2024)
• Srinivasapuram 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Srinivasapuram 1st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasapuram 3rd Street

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 to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Srinivasapuram 3rd Street?

The Sub Registrar Office that covers Srinivasapuram 3rd 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 more information.

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

The guideline value is a critical factor during the registration of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements and to avoid potential disputes during the transaction process.

Frequently asked questions

What is the current guideline value for Srinivasapuram 3rd Street?

The current guideline value for Srinivasapuram 3rd Street 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 2012 to Rs 2,010 per sq.ft in 2017, then back to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the registration fee for a property in Srinivasapuram 3rd Street?

The registration fee is calculated based on the guideline value, which for a 1,000 sq.ft plot at the current rate would be Rs 66,000, at 2% of the guideline value.

Which Sub Registrar Office covers this area?

The Mylapore Sub Registrar Office covers Srinivasapuram 3rd Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is revised periodically based on various factors. It serves as a reference point for property transactions to ensure appropriate stamp duty and registration fees are collected.