Guideline Value for SRIRAM COLONY

Sriram Colony guideline value

The current guideline value of Sriram Colony is Rs 11,500 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village, under the Mylapore Sub Registrar Office (SRO). The land classification for this street is Residential Class II Type - III.

How the guideline value of Sriram Colony has changed

The guideline value for Sriram Colony has seen significant changes over the years. In 2002, the value was Rs 1,641 per sq.ft, which increased to Rs 1,823 per sq.ft in 2003, marking an increase of 11%. Following this, in 2007, the value rose dramatically to Rs 1,950 per sq.ft, a change of 7%. The 2012 revision saw the value increase to Rs 10,500 per sq.ft, reflecting a substantial rise of 438%. However, this value dropped to Rs 7,035 per sq.ft in 2017, a decrease of 33%. The value then increased again to Rs 10,500 per sq.ft in 2023, and finally, it reached the current value of Rs 11,500 per sq.ft in 2024, which represents a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 601%. There are no figures available for revisions in years other than those listed.

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 for the village is Rs 8,800 per sq.ft, which indicates that Sriram Colony's 2024 figure is above this median.

• Sripuram 2nd Street: Rs 9,300 per sq.ft (2024)
• 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)

Stamp duty and registration fee for property in Sriram Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value would be Rs 1,15,00,000. The stamp duty at 7% would amount to Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, bringing the total to Rs 10,35,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sriram Colony?

The Sub Registrar Office that covers Sriram Colony 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

When buying or selling property in Mylapore, the guideline value is an essential factor in determining the stamp duty and registration fees. The guideline value serves as a benchmark for the minimum price at which properties can be registered, ensuring that the government receives appropriate revenue from property transactions.

During the registration process, buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the agreed sale price. This means that if the sale price is lower than the guideline value, the buyer will still need to pay stamp duty based on the guideline value.

Frequently asked questions

What is the current guideline value of Sriram Colony?

The current guideline value of Sriram Colony is Rs 11,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 1,641 per sq.ft in 2002 to Rs 11,500 per sq.ft in 2024, representing an overall increase of 601%.

What are the stamp duty rates for properties in Sriram Colony?

The stamp duty rate for properties in Sriram Colony is 7%, calculated on the higher of the guideline value or the sale price.

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 does the guideline value affect property transactions?

The guideline value is used to determine the minimum price for property registration and affects the calculation of stamp duty and registration fees during property transactions in Mylapore.