Guideline Value for Turn Bulls Road

Turn Bulls Road guideline value

The current guideline value of Turn Bulls Road 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 Turn Bulls Road has changed

The guideline value for Turn Bulls Road has seen several revisions over the years. The register does not have 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 has increased this value by 10%, bringing it to Rs 14,300 per sq.ft.

This increase reflects a change from the previous year's value, indicating a notable adjustment in the guideline value. The 2024 figure is significantly higher than the previous revisions, demonstrating a marked increase in the valuation of properties on this street.

Guideline values in Mylapore Part 2

Mylapore Part 2 has a range of guideline values across its 332 streets under the Chennai Central Joint I SRO, with values varying from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, making the 2024 figure for Turn Bulls Road above the median.

• Turn Bulls 3rd Street: Rs 10,900 per sq.ft (2024)
• Turn Bulls Road 2 & 4th Cross Street: Rs 10,900 per sq.ft (2024)
• Turn Bulls 2nd Street: Rs 10,900 per sq.ft (2024)
• Turnbulls Road 3rd Cross Street: Rs 10,900 per sq.ft (2024)
• Turn Bulls 1st Street: Rs 10,900 per sq.ft (2024)
• Turnbulls Road 5th Cross Street: Rs 10,900 per sq.ft (2024)

Stamp duty and registration fee for property in Turn Bulls Road

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

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

Which Sub Registrar Office covers Turn Bulls Road?

The Sub Registrar Office that covers Turn Bulls Road 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 more details.

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 is used to determine the stamp duty and registration fees that buyers and sellers must pay when completing a property transaction. This ensures that the fees are based on a standardized value set by the registration department.

When buying or selling property, the guideline value is essential for ensuring compliance with local regulations and for calculating the financial obligations associated with the transaction. This helps in maintaining transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Turn Bulls Road?

The current guideline value of Turn Bulls Road is Rs 14,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen an increase from Rs 13,000 per sq.ft in 2023 to Rs 14,300 per sq.ft in 2024, which is a 10% increase. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Turn Bulls Road?

The land classification for Turn Bulls Road is Residential Special Type - IV. This classification can affect the usage and development of properties in the area.

What are the stamp duty rates for properties on Turn Bulls Road?

The stamp duty for properties on Turn Bulls Road is charged at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% on the same amount.

Where is the Sub Registrar Office for Turn Bulls Road located?

The Sub Registrar Office covering Turn Bulls Road is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. This office handles the registration of property transactions in the area.