Guideline Value for T P SCHEME ROAD

T P Scheme Road guideline value

The current guideline value of T P Scheme Road is Rs 7,100 per sq.ft, effective from 1 July 2024. This road is located in Mylapore village, under the Mylapore Sub Registrar Office (SRO). The land classification for this area is Residential Class IV Type - III.

How the guideline value of T P Scheme Road has changed

The guideline value for T P Scheme Road has seen significant changes over the years. The earliest recorded value in 2002 was Rs 1,284 per sq.ft, which increased to Rs 1,427 per sq.ft in 2003, marking an 11% rise. By 2007, the value jumped to Rs 1,540 per sq.ft, reflecting an 8% increase. The 2012 revision brought a substantial increase to Rs 6,500 per sq.ft, a 322% rise from the previous figure. The most recent revision in 2024 set the guideline value at Rs 7,100 per sq.ft, a 9% increase from 2012.

It is important to note that the register has no figures for the years 2017 and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 453%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. T P Scheme Road's 2024 figure is below this median.

• Trust 1st Main Road: Rs 11,500 per sq.ft (2024)
• Trust 2nd Main Road: Rs 11,500 per sq.ft (2024)
• Trust Cross 10th Street: Rs 11,500 per sq.ft (2024)
• Trust Cross 11th Street: Rs 11,500 per sq.ft (2024)
• Trust Cross 12th Street: Rs 11,500 per sq.ft (2024)
• Trust Cross 13th Street: Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in T P Scheme Road

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, resulting in a total of Rs 6,39,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers T P Scheme Road?

The Sub Registrar Office that covers T P Scheme Road 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 determines the minimum value at which a property can be registered, ensuring that the transaction is documented accurately for legal purposes.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of T P Scheme Road?

The current guideline value of T P Scheme Road is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 1,284 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, marking an overall increase of 453% over the years.

What are the other guideline values in Mylapore?

Other streets in Mylapore have varying guideline values, with the median being Rs 8,800 per sq.ft. T P Scheme Road's value is below this median, with other streets reaching up to Rs 11,500 per sq.ft.

What fees are associated with property transactions in T P Scheme Road?

When transacting property in T P Scheme Road, the stamp duty is charged at 7% of the guideline value, and the registration fee is charged at 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for T P Scheme Road?

The Sub Registrar Office for T P Scheme Road is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.