Guideline Value for SYED WAHAP HUSSAIN STREET

Syed Wahap Hussain Street guideline value

The current guideline value for Syed Wahap Hussain Street is Rs 3,300 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 V Type - III.

How the guideline value of Syed Wahap Hussain Street has changed

The guideline value for Syed Wahap Hussain Street has seen several revisions over the years. The earliest recorded figure is from 2002, at Rs 612 per sq.ft. This value increased to Rs 680 per sq.ft in 2003, marking an 11% rise. In 2007, the value jumped significantly to Rs 900 per sq.ft, reflecting a 32% increase. The next revision in 2012 saw the value remain at Rs 3,000 per sq.ft, with no change from the previous year. In 2023, the guideline value was again Rs 3,000 per sq.ft, and it was revised to Rs 3,300 per sq.ft in 2024, which indicates a 10% increase from the previous year.

It is important to note that there is no figure recorded for this street in the 2017 revision. Overall, from 2002 to 2024, the guideline value has increased by 439%.

Guideline values in Mylapore

In Mylapore village, 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 value for these streets is Rs 8,800 per sq.ft, placing Syed Wahap Hussain Street's 2024 figure below that median.

• Syed Najmullah Street: Rs 4,900 per sq.ft (2024)
• Syed Ahmed 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 Wahap Hussain Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the 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, totaling Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Syed Wahap Hussain Street?

The Sub Registrar Office that covers Syed Wahap Hussain 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 property transactions in Mylapore, as it establishes the minimum value for the property during registration. Buyers and sellers must consider this value when negotiating sale prices, as the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

When purchasing property, it is essential to be aware of the guideline value, as it can significantly impact the overall costs involved in the transaction. Understanding the guideline value helps ensure compliance with registration requirements and avoids potential legal issues.

Frequently asked questions

What is the current guideline value of Syed Wahap Hussain Street?

The current guideline value of Syed Wahap Hussain Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 612 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, which is an overall increase of 439%.

What are the stamp duty and registration fees for property in Syed Wahap Hussain Street?

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 2,97,000, based on the current guideline value.

Which Sub Registrar Office covers Syed Wahap Hussain Street?

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

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum value of a property for registration purposes. It affects the calculation of stamp duty and registration fees, making it an essential factor in property transactions.