Guideline Value for VEDHANTHA DESIKAR STREET (PALATHOPPU)

Vedhantha Desikar Street (Palathoppu) guideline value

The current guideline value of Vedhantha Desikar Street (Palathoppu) is Rs 9,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO, classified as Residential Class III Type - II.

How the guideline value of Vedhantha Desikar Street (Palathoppu) has changed

The guideline value for Vedhantha Desikar Street (Palathoppu) has undergone several revisions over the years. The 2012 revision set the value at Rs 8,500 per sq.ft, which was followed by a decrease to Rs 5,695 per sq.ft in the 2017 revision, marking a decline of 33%. However, the most recent 2024 revision saw a significant increase to Rs 9,300 per sq.ft, reflecting an increase of 63% from 2017.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 9%. The register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

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. The median guideline value for the area is Rs 8,800 per sq.ft, placing Vedhantha Desikar Street (Palathoppu) above this median.

• Vedhachala Garden: Rs 7,100 per sq.ft (2024)
• Veerabadran Street: Rs 7,100 per sq.ft (2024)
• Vathiyar Chinna Pillai Street: Rs 3,300 per sq.ft (2024)
• Veeraperumal Koil Street: Rs 7,100 per sq.ft (2024)
• Vasanth Avenue: Rs 12,100 per sq.ft (2024)
• Velayutha Raja Lane: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vedhantha Desikar Street (Palathoppu)

For a 1,000 sq.ft plot at the current guideline value of Rs 9,300 per sq.ft, the total guideline value amounts to Rs 93,00,000. The stamp duty at 7% would be Rs 6,51,000, and the registration fee at 2% would be Rs 1,86,000, bringing the total to Rs 8,37,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vedhantha Desikar Street (Palathoppu)?

The Sub Registrar Office that covers Vedhantha Desikar Street (Palathoppu) is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration process of property transactions in Mylapore. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property.

When a property is sold, the guideline value is compared with the actual sale price. The higher of the two values is taken into account for calculating the applicable duties and fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vedhantha Desikar Street (Palathoppu)?

The current guideline value of Vedhantha Desikar Street (Palathoppu) is Rs 9,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 8,500 per sq.ft in 2012 to Rs 5,695 per sq.ft in 2017, and then increased to Rs 9,300 per sq.ft in 2024.

What is the land classification of Vedhantha Desikar Street (Palathoppu)?

Vedhantha Desikar Street (Palathoppu) is classified as Residential Class III Type - II.

Where is the Mylapore Sub Registrar Office located?

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

How is stamp duty calculated for properties in Mylapore?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.