Guideline Value for Selvammal Street

Selvammal Street guideline value

The current guideline value of Selvammal Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village under the Chennai Central Joint I SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Selvammal Street has changed

In the 2023 revision, the guideline value for Selvammal Street was Rs 7,000 per sq.ft. The increase from 2023 to 2024 is 10%, bringing the current value to Rs 7,700 per sq.ft. It is important to note that the register has no figures for this street for the years 2002, 2003, 2007, 2012, and 2017.

The 2024 revision shows a significant increase compared to the previous year, reflecting the changes in the guideline value. The last recorded figure prior to 2023 was Rs 7,000 per sq.ft, indicating a consistent revision process aimed at updating property values in this area.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO with a 2024 guideline value range from Rs 4,400 to Rs 25,300 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, which means Selvammal Street's current guideline value is below that median.

• Seethamma Road Extention: Rs 13,200 per sq.ft (2024)
• Seethamma Road: Rs 13,200 per sq.ft (2024)
• Seethammal Lane: Rs 13,200 per sq.ft (2024)
• Seethammal Extention 2nd Main Road: Rs 13,200 per sq.ft (2024)
• Seethammal Colony MainRoad: Rs 13,200 per sq.ft (2024)
• Seethammal Colony Extention 3rd Main Road: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Selvammal Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total cost for these fees to Rs 6,93,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Selvammal Street?

The Sub Registrar Office covering Selvammal Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for additional assistance.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value is a crucial factor in property transactions, as it determines the minimum price at which a property can be registered. Buyers should be aware that the guideline value is used to calculate stamp duty and registration fees, which are essential costs associated with property transactions.

When selling a property, the seller must ensure that the sale price is at least equal to or above the guideline value to avoid any legal issues during registration. This ensures that both parties are aware of the financial implications tied to the property’s valuation.

Frequently asked questions

What is the current guideline value of Selvammal Street?

The current guideline value of Selvammal 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 for Selvammal Street was Rs 7,000 per sq.ft in 2023, which increased to Rs 7,700 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Mylapore Part 2?

The median guideline value in Mylapore Part 2 is Rs 8,800 per sq.ft, which means Selvammal Street's current value is below this median.

What are the stamp duty and registration fees for properties in Selvammal 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. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Selvammal Street located?

The Sub Registrar Office for Selvammal Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.