Guideline Value for Sriram Nagar North Street

Sriram Nagar North Street guideline value

The current guideline value of Sriram Nagar North Street is Rs 14,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Special Type - IV.

How the guideline value of Sriram Nagar North Street has changed

There have been several revisions to the guideline value of Sriram Nagar North Street. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 13,000 per sq.ft. The latest revision in 2024 shows a significant increase to Rs 14,300 per sq.ft, marking a 10% rise from the previous year.

This upward change in the guideline value reflects the ongoing adjustments made by the Registration Department. The current figure places this street above the median guideline value of Rs 8,800 per sq.ft for the 332 streets in Mylapore Part 2 under the Chennai Central Joint I SRO.

Guideline values in Mylapore Part 2

The guideline values for Mylapore Part 2 range from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. Sriram Nagar North Street, with a guideline value of Rs 14,300 per sq.ft, is positioned above this median. Below are other streets in Mylapore Part 2:

• Sriram Nagar South Street: Rs 14,300 per sq.ft (2024)
• Sriram Nagar West Street: Rs 14,300 per sq.ft (2024)
• Srinivasa Perumal Sannathi Street: Rs 8,700 per sq.ft (2024)
• Srinivasa Perumal Sannathi 3rd Street: Rs 8,700 per sq.ft (2024)
• Srinivasa Perumal Sannathi 2nd Street: Rs 8,700 per sq.ft (2024)
• Srinivasa Perumal Sannathi 1st Street: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Sriram Nagar North Street

For a 1,000 sq.ft plot at the current guideline value of Rs 14,300 per sq.ft, the total guideline value would be Rs 1,43,00,000. The stamp duty at 7% would amount to Rs 10,01,000, while the registration fee at 2% would be Rs 2,86,000, resulting in a total of Rs 12,87,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sriram Nagar North Street?

The Sriram Nagar North Street falls under 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 more information.

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

The guideline value plays a crucial role in property transactions in Mylapore Part 2. It serves as a benchmark for determining the stamp duty and registration fees during the sale or purchase of property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value is used to calculate the applicable fees. It is essential for both parties to agree on a sale price that meets or exceeds the guideline value to avoid complications during registration.

Frequently asked questions

What is the current guideline value of Sriram Nagar North Street?

The current guideline value of Sriram Nagar North Street is Rs 14,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2023 to 2024?

The guideline value changed from Rs 13,000 per sq.ft in 2023 to Rs 14,300 per sq.ft in 2024, reflecting a 10% increase.

What is the land classification for Sriram Nagar North Street?

The land classification for Sriram Nagar North Street is Residential Special Type - IV.

Where can I find the Sub Registrar Office for Sriram Nagar North Street?

The Sub Registrar Office covering Sriram Nagar North Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

What are the stamp duty and registration fees based on the guideline value?

For a property with a guideline value of Rs 14,300 per sq.ft, the stamp duty would be 7% of the total guideline value, and the registration fee would be 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 12,87,000.