Guideline Value for SYED NAJMULLAH STREET

Syed Najmullah Street guideline value

The current guideline value of Syed Najmullah Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the jurisdiction of the Mylapore SRO, and is classified as Residential Class V Type - II.

How the guideline value of Syed Najmullah Street has changed

Since the 2002 revision, the guideline value for Syed Najmullah Street has seen significant changes. In 2002, the guideline value was Rs 612 per sq.ft. This increased to Rs 680 per sq.ft in 2003, marking an 11% rise. The value then rose to Rs 900 per sq.ft in 2007, which was a substantial increase of 32%. However, it decreased to Rs 4,500 per sq.ft in 2012, reflecting a decline of 33%. The value saw a significant jump to Rs 3,015 per sq.ft in 2017, representing a 49% increase. The most recent revision in 2023 set the value at Rs 4,500 per sq.ft, which remained unchanged until the 2024 revision.

The 2024 revision has set the guideline value at Rs 4,900 per sq.ft, marking a 9% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 701% for Syed Najmullah Street.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value is Rs 8,800 per sq.ft, indicating that the guideline value for Syed Najmullah Street is below this median.

• Syed Ahmed Hussain Street: Rs 3,300 per sq.ft (2024)
• Syed Wahap Hussain Street: Rs 3,300 per sq.ft (2024)
• Swathinthra Thottam: Rs 3,300 per sq.ft (2024)
• Teachers Colony: Rs 7,100 per sq.ft (2024)
• Sundareswara Sami Street: Rs 7,700 per sq.ft (2024)
• Thachi Arunachalam Street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Syed Najmullah Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total cost for these fees to Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Syed Najmullah Street?

The Sub Registrar Office that covers Syed Najmullah 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 crucial factor in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value will influence the stamp duty and registration fees applicable to their transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Syed Najmullah Street?

The current guideline value of Syed Najmullah Street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 612 in 2002 to Rs 4,900 in 2024, reflecting an overall increase of 701% over this period.

What is the classification of Syed Najmullah Street?

Syed Najmullah Street is classified as Residential Class V Type - II under the Mylapore SRO.

Where can I find the Sub Registrar Office for Syed Najmullah Street?

The Sub Registrar Office for Syed Najmullah Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 49,00,000 would incur a stamp duty of Rs 3,43,000 and a registration fee of Rs 98,000.