Guideline Value for SYLVAN LODGE COLONY 2ND CROSS STREET

Sylvan Lodge Colony 2nd Cross Street guideline value

The current guideline value of Sylvan Lodge Colony 2nd Cross Street is Rs 13,200 per sq.ft, effective from 1 July 2024. This area is located in Purasaivakkam village and falls under the Purasaivakkam SRO. The land classification for this street is Residential Special Type - I.

How the guideline value of Sylvan Lodge Colony 2nd Cross Street has changed

The guideline value for Sylvan Lodge Colony 2nd Cross Street has seen several revisions over the years. The earliest recorded value was Rs 4,300 per sq.ft in 2007, which increased significantly to Rs 12,000 per sq.ft in 2012, marking a rise of 179%. However, this value dropped to Rs 8,040 per sq.ft in 2017, a decrease of 33%. The following revision in 2023 brought the value back up to Rs 12,000 per sq.ft, and the most recent revision in 2024 set it at Rs 13,200 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 207%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value of Rs 13,200 per sq.ft for Sylvan Lodge Colony 2nd Cross Street is above this median.

• Sylvan Lodge Colony 1st Street: Rs 13,200 per sq.ft (2024)
• Sylvan Lodge Colony 2nd Street: Rs 13,200 per sq.ft (2024)
• Sylvan Lodge Colony 1st Cross Street: Rs 13,200 per sq.ft (2024)
• Sylvan Lodge Colony 3rd Cross Street: Rs 13,200 per sq.ft (2024)
• Sylvan Lodge Colony: Rs 13,200 per sq.ft (2024)
• Sylvan Lodge Colony 3rd Street: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sylvan Lodge Colony 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value would be Rs 1,32,00,000. The stamp duty at 7% would amount to Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000. Together, the total cost for duty and registration would be Rs 11,88,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sylvan Lodge Colony 2nd Cross Street?

The Sub Registrar Office that covers Sylvan Lodge Colony 2nd Cross Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Purasaivakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction, ensuring that these costs are calculated based on the official value set by the authorities.

When a property is sold, the guideline value helps to establish the minimum value for which the property can be registered. This means that if the sale price is lower than the guideline value, the stamp duty will still be calculated based on the guideline value, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Sylvan Lodge Colony 2nd Cross Street?

The current guideline value of Sylvan Lodge Colony 2nd Cross Street is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,300 per sq.ft in 2007 to Rs 13,200 per sq.ft in 2024, reflecting an overall increase of 207% over the years.

What is the land classification for Sylvan Lodge Colony 2nd Cross Street?

The land classification for Sylvan Lodge Colony 2nd Cross Street is Residential Special Type - I.

Where can I find the Purasaivakkam Sub Registrar Office?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 1,32,00,000 would incur a stamp duty of Rs 9,24,000 at a rate of 7%.