Guideline Value for SULLIVAN STREET

Sullivan Street guideline value

The current guideline value of Sullivan Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village under the Mylapore SRO, and it is classified as Residential Class IV Type - II.

How the guideline value of Sullivan Street has changed

The guideline value of Sullivan Street has seen significant changes over the years. In 2002, the value was Rs 726 per sq.ft, which increased to Rs 807 per sq.ft in 2003, marking an 11% rise. The value then experienced a substantial increase of 767% to reach Rs 7,000 per sq.ft in 2012. However, from 2012 to 2017, the value decreased by 33% to Rs 4,690 per sq.ft. The subsequent revision in 2023 saw a notable increase of 49%, bringing the value to Rs 7,000 per sq.ft, and the most recent revision in 2024 raised it by 10% to the current value of Rs 7,700 per sq.ft. It is important to note that there is no figure available for Sullivan Street in the 2007 revision.

From 2002 to 2024, the overall guideline value has increased by 961%. The changes between each revision demonstrate the fluctuations in the guideline value, reflecting the historical context of property valuation in this area.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, 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, indicating that Sullivan Street's 2024 guideline value is below this median.

• Sudukadu Hut Area: Rs 3,300 per sq.ft (2024)
• Sundara Gramani Street: Rs 7,100 per sq.ft (2024)
• Sundarajan Street: Rs 14,300 per sq.ft (2024)
• Sudhanthira Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Sundara Kramani Thottam: Rs 7,100 per sq.ft (2024)
• Sudhanthira Nagar 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sullivan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty, charged at 7%, would be Rs 5,39,000, and the registration fee, charged at 2%, would be Rs 1,54,000. Therefore, the total cost for these charges would be Rs 6,93,000. 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 the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sullivan Street?

The Sub Registrar Office that covers Sullivan 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 further assistance.

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

The guideline value is a crucial factor in the registration process 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 the appropriate stamp duty and registration fees based on this valuation.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. This value is used to calculate the applicable taxes and fees, making it an essential aspect of the real estate transaction process in the region.

Frequently asked questions

What is the current guideline value of Sullivan Street?

The current guideline value of Sullivan Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Sullivan Street has changed significantly, increasing from Rs 726 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 961% over the years.

What is the land classification for Sullivan Street?

Sullivan Street is classified as Residential Class IV Type - II under the Mylapore SRO.

What are the stamp duty and registration fees for property in Sullivan Street?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which office handles registrations for Sullivan Street?

The Mylapore Sub Registrar Office handles registrations for Sullivan Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street Alwarpet, Chennai - 600018.