Guideline Value for SRIPURAM 2ND STREET

Sripuram 2nd Street guideline value

The current guideline value of Sripuram 2nd Street is Rs 9,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class III Type - II.

How the guideline value of Sripuram 2nd Street has changed

The guideline value for Sripuram 2nd Street has seen several revisions over the years. The 2024 revision set the value at Rs 9,300 per sq.ft, an increase from Rs 8,500 per sq.ft in the 2023 revision, marking a change of +9%. Prior to that, the 2017 revision recorded a value of Rs 5,695 per sq.ft, which was a significant increase of +49% from the previous 2012 revision, where the value was Rs 8,500 per sq.ft. The 2012 figure was a decrease of -33% from Rs 1,540 per sq.ft in the 2017 revision.

Looking further back, the 2007 revision had a guideline value of Rs 1,540 per sq.ft, which was a remarkable increase of +452% from Rs 1,000 per sq.ft in the 2003 revision. The 2003 figure itself was up +11% from Rs 900 per sq.ft in the 2002 revision. Overall, from 2002 to 2024, the guideline value has increased by +933%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Mylapore

Mylapore village has a total of 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 in this area is Rs 8,800 per sq.ft, placing the 2024 figure for Sripuram 2nd Street above this median.

• Sripuram 1st Street: Rs 9,300 per sq.ft (2024)
• Srinivasa Rao Road/Street: Rs 8,200 per sq.ft (2024)
• Srinivasapuram (Hut Area): Rs 3,300 per sq.ft (2024)
• Srinivasapuram 4th Street: Rs 3,300 per sq.ft (2024)
• Srinivasapuram 3rd Street: Rs 3,300 per sq.ft (2024)
• Srinivasapuram 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sripuram 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,300 per sq.ft, the total guideline value amounts to Rs 93,00,000. The stamp duty at 7% would be Rs 6,51,000, and the registration fee at 2% would be Rs 1,86,000, totaling Rs 8,37,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sripuram 2nd Street?

The Sub Registrar Office that covers Sripuram 2nd 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 an essential factor in the registration process for property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair price.

When buying or selling property, the guideline value is used to calculate applicable stamp duty and registration fees. This ensures that all transactions are transparent and in accordance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Sripuram 2nd Street?

The current guideline value of Sripuram 2nd Street is Rs 9,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 900 per sq.ft in 2002 to Rs 9,300 per sq.ft in 2024, representing an overall increase of +933%.

What is the land classification for Sripuram 2nd Street?

Sripuram 2nd Street is classified as Residential Class III Type - II.

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.

How is stamp duty calculated for properties in Sripuram 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty would be Rs 6,51,000.